You’re here (TSLA) – Get the Tesla Inc report transformed the automobile.
The automaker and its CEO Elon Musk have forced an entire industry to switch to cleaner cars. But they still haven’t pushed for mass adoption of electric vehicles.
Demand has increased sharply in recent months, but as the profile of EV buyers reminds us, it remains that of city dwellers, chic suburbs and people with high purchasing power.
The situation could change in the coming weeks. Indeed, Ford (F) – Get Ford Motor Company reportone of Tesla’s big rivals, could hold the key to mass adoption of electric vehicles in the United States
Jim Farley, CEO of the automaker, has just announced that April 26 will be the launch date of the highly anticipated F-150 Lightning, the electric version of the F-150 pickup.
quintessential american car
The F-150 is the quintessential American car.
It is the best-selling vehicle in the country, a record it has held for several years now. It’s the king of all cars in rural areas, the countryside and, overall, the heartland of America. The question is whether consumers will fall in love with the electric version as much as the gasoline version.
“⚡️ It’s time. #F150Lightning⚡️,” Farley wrote on microblogging site Twitter on April 13. The message was surrounded by a lightning bolt on the left and another lightning bolt on the right.
Below, the CEO wrote the date:
The rollout is more akin to blockbuster movie launches. Going further, Farley accompanied his post with an image of a car, presumably the F-150 Lightning, driving with its headlights on and backing over a lightning bolt.
For this Hollywood premiere of the Lightning pickup, Ford is hosting an event in Dearborn, Michigan, where the vehicle is assembled.
The event will certainly be followed closely by the entire automotive industry.
Ford’s rivals no doubt hope to measure the penetration of electric vehicles by the success of the F-150 Lightning. Without saying so, Ford is betting its strategy of producing 2 million electric vehicles per year by 2026 on the acceptance of the F-150 Lightning.
The company has gone so far as to recently separate its gasoline vehicle production division from that of battery-powered vehicles. The first is called Ford Blue, while the second is Ford e. Farley is the CEO of both entities.
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Ford had previously announced that the first deliveries of the F-150 Lightning would begin in the spring. The pick-up has a full order book. The automaker stopped taking orders in December for the 2022 model year after registering some 200,000 orders.
Not all reservations are often converted into firm orders. But they allow to measure the interest for a product. And in the case of the F-150 Lightning, the interest is enormous.
“No, the reservation system is now closed,” the company said.
But Ford plans to reopen reservations for the 2023 model year in “the summer”, the automaker added. And the production of this model will begin in the fall.
Even though Ford is reopening reservations, it’s unclear when you’ll receive the vehicle. The F-150 Lightning still has a long waiting list today.
Beyond that, Ford, like other automakers, faces supply chain disruptions and a shortage of chips. Added to this is the recent Russian invasion of Ukraine, which has unbalanced the relationship between supply and demand for raw materials such as nickel and palladium.
To avoid a black market with the first customers who would resell their F-150 Lightning at excessive prices, Ford offered dealers a clause in their contract. Qualified as a no-sale clause, the clause would also be binding on customers.
The F-150 Lightning is available in several variants which also determine the battery life.
F-150 Lightning Pro standard range: 230 miles
F-150 Lightning Pro Extended Range (fleet only): 320 miles
F-150 Lightning XLT SR: 230 miles
F-150 Lightning XLT ER: 320 miles
F-150 Lightning Lariat SR: 230 miles
F-150 Lightning Lariat ER: 320 miles
F-150 Lightning Platinum: 300 miles.
What about price and rivals?
The base price ranges from $39,974 to $90,874 depending on the model you choose.
However, the F-150 Lightning will have to face very tough competition, more so than the gasoline version. There are of course the GMs (GM) – Get General Motors company report GMC Hummer electric pickup, to be followed by the electric version of the Chevy Silverado.
But above all there is the Rivian R1T (SHORE) – Get the Class A report from Rivian Automotive, Inc. and from 2023, Tesla’s famous Cybertruck.
As for charging, Ford says “Mobile Power Cord, capable of charging 30 Amps (A) on both 240V and 120V outlet, comes standard with all F-150 Lightning models.”
The vehicle also features an extended-range battery and “included 80A Ford Charging Station Professional Charging Equipment (which requires professional installation)” for home charging.