As the timeless automaker doubles down on its electric vehicle (EV) efforts, investors are growing even more bullish on Ford (NYSE: F) stock. Shares are soaring today after a report explained that the company is planning on doubling production targets of its electric F-150 Lightning. After seeing a rapid rise in demand for its new electric truck, Ford is going all in on producing as many all-electric models as possible amid the EV boom.
On Monday, reports emerged that Ford is planning to build 80,000 F-150 Lightnings, a big leap from previous estimates of 40,000. After Ford’s official launch of the model next spring, roughly 15,000 will be made in 2022.
This new target is part of the company’s wider goal of investing $30 billion, at minimum, by 2025 in its EV efforts. The grandad of the motor industry is going to use the funds to create a brand new division, ‘Ford Pro’, that aims to focus purely on commercial vehicles and government clients.
President Joe Biden recently visited Ford’s factory in Michigan where the company unveiled its new commercial F-150 Lightning Pro. Priced at just under $40,000, this model is set to compete with Telsa’s Cybertruck, one of Ford’s main rivals.
With the EV market expected to reach $803 billion by 2027, Ford is definitely right to be doubling down on its efforts to bring more green-powered vehicles to dealerships. The carmaker has a goal of only selling EVs in Europe by 2030, which works perfectly in line with government guidelines. Norway and the UK have confirmed that all new vehicles sold by 2030 must be all-electric, so this investment will surely pay off for the global brand.
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Financial Writer at MyWallSt
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