CEO says Ford is doing ‘whatever it takes’ to double production of F-150 pickup trucks

Ford Motor CEO Jim Farley told CNBC on Tuesday that the automaker is trying to accommodate growing interest in its upcoming electric F-150 Lightning.

“Ours [production] Farley said in an interview with CNBC’s Jim Cramer on “Crazy Money.”

Companies have nearly 200,000 retail pre-orders for the automaker’s electric pickup, which is expected to hit dealerships in mid-2022. Those non-binding reservations require a fully refundable $100 deposit.

“We now have a dedicated team that does only one thing: find a way to double our capacity by finding a battery, whatever it is, to double our Lightning capacity,” says Farley. .

The F-150 Lightning is an important new product from Ford, as the Dearborn, based in Michigan Manufacturers aggressively push into electric vehicles. Internal combustion engine version of Ford’s F-Series pickup truck For decades it was America’s best-selling vehicle, so investors as well as industry watchers are keeping a close eye on how consumers react to the all-electric model.

Ford announced plans in September to add jobs at three Michigan facilities to help expand production capacity of the F-150 Lightning. However, the company doesn’t just want to increase production of electric pickup trucks.

In a recent interview with Automotive News, Farley said Ford plans to increase EV production to 600,000 vehicles by 2023, which doubles what the company originally thought it would make in that time period.

Farley told Cramer, the demand for Ford’s Mustang Mach-E is also twice our production rate. “That’s why we’re committed to 600,000 units of capacity over the next 24 months, but our team will have to do a lot of work,” says Farley.

Farley appeared on “Mad Money” with Sales force Co-CEO Marc Benioff, after the company earlier on Tuesday announces new software delivery partnership aimed at business people driving commercial vehicles of the automaker.

Register now for CNBC Investment Club to track Jim Cramer’s every move in the markets. CEO says Ford is doing ‘whatever it takes’ to double production of F-150 pickup trucks

Emma James

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