Electric vehicles Energy

Ford receives 120,000 bookings for its Tesla Cybertruck competitor quickly

The Lightning, Ford’s first-ever F-150 that is all-electric, appears to be gaining traction. On a meeting call with investors on Wednesday evening, Ford CEO Jim Farley announced that Lightning had received 120,000 orders. According to Farley, about 75% of the bookings come from new people to the Ford brand. Ford announced in late May that it had received 70,000 Lightning orders.

“What we have come to realize so far [from the Lightning orders] is that customers are mostly new to Ford, but not to the segment. These are clients who adore silhouetted automobiles. What interests me the most is how some people depict the full-size truck sector as having a conservative customer base. What we are seeing, isn’t it. They are unfamiliar with battery electric vehicle (BEV) in this big order bank for the F-150 Lightning, and they’re excited to make the switch. Over half of them are buyers of pickup trucks, “Farley elaborated.

The Lightning’s extended range, battery-powered design guarantees 10,000 pounds of the towing capacity, over-the-air software updates, and backup power capability to power your home. This model starts at about $50,000, has a 300-mile range on the single charge, has 563 horsepower, and accelerates from 0 to 60 mph in 4.4 seconds. The Ford F-150 Lightning is expected to hit the market in mid-2022.

Meanwhile, Elon Musk is focused on securing materials of chips and batteries for Tesla’s mass-market sedans, so it’s uncertain when the Tesla Cybertruck (all-electric) will go into production. Ford’s stock jumped 5% in pre-market trading. Bookings for Lightning and a new hybrid truck named the Maverick were welcomed by investors. Ford also raised its full-year modified operating profit projection to a scope of $9 billion to around $10 billion, citing a surge in new car demand.

As per J.D. Power’s annual U.S. Automotive Forecast, supply restrictions and growing demand drove the average price of the new automobile to $41,044 in the month of July, which will become an all-time high. Tyson Jominy, Vice President of Data & Analytics at J.D. Power, told Yahoo Finance, “We can’t go to $41,000 without a supply chain concern that we are seeing from the microchips, as well as rising consumer demand that isn’t being satisfied with the supply available.” The previous high was $39,942 in June.

According to Thomas King, President of Data Analytics at J.D. Power, “too few automobiles in inventory imply the sales rate in July is significantly below the levels observed earlier this year.” “On the other hand, a scarcity of inventory is driving vehicle prices to new highs as retailers and manufacturers continue to reduce incentives.” According to the prediction, dealers would have 932,000 new automobiles for sale on lots countrywide by the end of July, compared to 3.1 million two years previously. The second part of 2021 is expected to witness a 30 percent increase in sales volume, as Ford forecasts a better supply of chips following a year of shortages.