Ford CEO Jim Farley is using a metaphor when asked if he is concerned about electric truck competitors. “Moreover, there are a lot of great soda companies out there, but there is only one coke. You can bring on the Mountain Dews, bring on the Pepsis, but there is only one F-150,” said Farley, who is referring to Ford’s all-new F-150 Lightning.
Ford, Competitors on Electric Trucks
Moreover, the competitors are, in fact, ready to bring it on in terms of electric trucks.
Slated to bring its first electric truck to market in June is Rivian. It counts Ford as an inventor. The $75,000 high-end models look to get 250 miles to 400 miles on a charge. Later this year, Tesla’s more than $40,000 electric CyberTruck (entry model) is supposed to begin arriving at the market. Also, Lordstown, a Detroit-based upstart, is expected to bring its $50,000-plus electric Endurance to market sometime this year.
F-150, America’s Best-Selling Vehicle
Ford’s F-150 is best known for being America’s best-selling vehicle, the “Coca-Cola of pickup trucks), has resoundingly planted a flag in the ground with the introduction this week of the Lightning. It marks Ford’s first all-electric pickup truck.
Ford: Backup Power Capability
The Lightning promises 10,000 pounds of towing capacity with an extended range, battery powered over the air software updates and the ability to power your home via a backup power capability. It starts at $50,000 or this version. It boasts a 300-mile range on a charge. Also 563 horsepower and travels 0 mph to 60 mph in about 4.4 seconds.
20,000 Pre-Orders for the Truck
Ford has amassed 20,000 pre-orders for the truck in about 12 hours. This underscores the popularity of the F-150 brand. In fact, it is set to begin production in mid-2022.
“A key step forward for Ford, we believe this unveil is reflected as an ongoing unfolding of its EV narrative. Thus, while we expect F-150 Lightning to be dilutive to Ford margins, it is still important as it shows Ford’s bid to protect its golden goose truck franchise. Moreover, Ford is going to provide an aggressive response to the rush of competition we have heard of in the EV truck segment. Thus when Ford unveils the truck at a lower starting price than we and others anticipated, it will likely reflect Ford’s plans to maintain its share in the large pickup segment. Moreover, when it likely goes electric,”