Forbes Headline: Ford Stock Surges 11% As Company Aims To Challenge Tesla’s Electric Vehicle Dominance
• Ford’s stock rose 11.4% after the company said Tuesday that it plans to nearly double the annual production capacity of its upcoming electric F-150 Lightning pickup to 150,000 vehicles per year by mid-2023.
• This is already the second time the company has doubled production goals for the F-150, which will be released in the spring (up from an initial output of around 40,000 vehicles).
• The stock’s recent run up is a testament to massive investor interest in electric vehicles: Ford cited higher than expected consumer demand for its F-150 and plans to begin taking actual orders for the pickup on Thursday.
• The legacy automaker reiterated Tuesday that it is “committed to leading the electric vehicle revolution” and will invest more than $30 billion into the industry through 2025 as it looks to take on pioneers like Tesla.
• “Over the next two years, Ford aims to emerge as the clear No. 2 electric vehicle maker in North America and then challenge the No. 1 spot,” according to the company’s press release.
• Ford was the auto industry’s top stock last year, jumping roughly 140% and beating out larger rival General Motors and electric vehicle maker Tesla, which gained 41% and 50%, respectively.