Shares of Ford (F) rose 11% in afternoon trading on Tuesday after the automaker announced it would nearly double production capacity to meet demand for its forthcoming F-150 Lightning electric pickup.
Ford’s stock hit its 21-year high on Tuesday and is the No. 1 trending ticker on Yahoo Finance. The Dearborn, Michigan-based company has surpassed GM (GM) and Rivian (RIVN) in market cap as it pushes further into the EV space.
“It is very exciting to announce that we are increasing capacity to 150,000 Lightnings per year, and we will do that sometime in the middle of 2023,” Kumar Galhotra, Ford president of the Americas & International Markets Group, told Yahoo Finance Live.
Starting this Thursday, the first group of reservation holders can place their order for Ford’s electric F-150 Lightning. The company has received nearly 200,000 reservations for the battery-operated pickup.
“Over 75% of our reservations for F-150 Lightnings are from people who haven’t had Ford in a while. So that’s pure growth for our brand. It just goes to show that when you deliver an attractive battery electric product, there is a very different market that is willing to give you a chance,” Galhotra said.
Pras Subramanian of Yahoo Finance took a test drive on an F-150 electric pickup in October and noted that it was the largest electric vehicle he had ever seen. Ford is also working on the Mustang Mach-E GT and the E-Transit electric van.
Last year, Ford’s stock rose more than 135% as it continues to make its way into the EV industry.
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