Ford (NYSE: F) CEO Jim Farley recently stated that the automaker will stop taking reservations for its upcoming F-150 Lightning Electric Truck, which has attracted a great deal of popularity and interest since its release.
"We are completely oversubscribed with our battery electric vehicles, Lightning especially," Farley revealed in an interview during a special live online event, "CNBC Investing Club: Jim Cramer's Game Plan for 2022." Farley added: "We had to stop reservations we got so many. We stopped at 200,000, and those are orders. Hard orders."
While Ford has not revealed the exact amount that it intends to make in 2022, Automotive News has stated that the company plans to make around 80,000 in the year 2023. Ford has also publicly revealed that it would like to create around that amount in 2024. CEO Jim Farley has revealed that Ford is moving toward full production limit for the Lightning, at "70,000 or 80,000 units."
The F-150 Lightning starts off at a listing price of $40,000, but can double, based on the version that individuals choose to purchase. The model, as a base, is intended to provide approximately 230 miles of range and contains more bare-bones interior, which also includes a 12-inch touchscreen display.
Farley has additionally revealed that Ford, which serves as a holding in Cramer's charitable trust, can anticipate a turnaround in stock, since he has been promoted in position from the chief operating officer to the very top job.
Since Ford has stopped taking reservations for its F-150 lightning electric pickup truck, customers will likely be challenged when it comes to finding this new type of vehicle. Although it is temporarily on hold, it will likely be made available in the foreseeable future, in greater amounts than it ever had before.