Ford plans to double their F-150 Lightning production target based on early solid demand. According to company sources that spoke with Reuters, Ford will need to spend $850 million to reach the target.
The new F-150 Lightning target is to produce 80,000 trucks per year by 2024. The previous target was more than 40,000.
To meet the spring 2022 launch and new production targets, the company plans to have 15,000 Lightnings after the spring launch, with an additional 55,000 rolling out of the production line in 2023.
The launch of the second-generation Lightning will come in late 2025. Many expect the second generation to employ the new TE1 truck architecture currently in development. The company hopes to hit an annual target of 160,000 vehicles by the second generation.
Ford previously noted the company had 120,000 pre-orders for the F-150 Lightning.
The truck EV world is not empty of competition. Ford is competing for market share with big competitors like General Motors and Tesla. Further, the company is also facing competition from Lordstown Motors, Rivian and Canoo as start-up EV companies.