Ford (F) shares closed at their highest level in 21 years after the automaker announced it would nearly double production capacity to meet demand for its upcoming F-150 Lightning electric pickup truck.
Ford’s stock gained 12% and was the No. 1 trending ticker on Yahoo Finance during the trading session on Tuesday. The Dearborn, Michigan, based company has surpassed GM (GM) and Rivian (RIVN) in market capitalization as it pushes further into the EV space.
“It’s very exciting to announce that we are taking the capacity up 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.
As of this Thursday, the first group of reservation holders will be able to place their order for Ford’s electric F-150 Lightning. The company has received nearly 200,000 reservations for the battery powered pickup.
“More than 75% of our reservations for F-150 Lightnings are from folks who haven’t owned Ford in a while. So that is pure growth for our brand. It just demonstrates if you deliver a compelling battery electric product, there’s a whole different market out there that’s willing to give you a chance,” Galhotra said.
