Ford Motor Co (NYSE:F) is trading higher Tuesday after the company announced plans to nearly double production of the F-150 Lightning all-electric truck.
Ford is ramping up production plans as a result of high demand. The company said it now plans to produce 150,000 trucks per year at its Rouge Electric Vehicle Center in Dearborn, Michigan.
The F-150 Lightning is headed to the final phase of pre-production as pickups roll off the line for real-world durability testing ahead of customer deliveries this spring.
Ford also announced that the first group of reservation holders will be invited to place their orders for the F-150 Lightning on Thursday.
"With nearly 200,000 reservations, our teams are working hard and creatively to break production constraints to get more F-150 Lightning trucks into the hands of our customers," said Kumar Galhotra, president of The Americas and International Markets Group at Ford.
"The reality is clear: People are ready for an all-electric F-150 and Ford is pulling out all the stops to scale our operations and increase production capacity," Galhotra added.
Related Link: Ford Nearly Doubles F-150 Lightning Production Target, To Open Order Bank This Thursday For Reservation Holders
F Price Action: Ford has traded as low as $8.43 over a 52-week period. It's making new 52-week highs during Tuesday's session.
The stock was up 9.59% at $23.86 at time of publication.
Photo: courtesy of Ford.
