Ford (F) shares were up 11% in afternoon trading on Tuesday after the automaker announced it would nearly double production capacity to meet demand for its upcoming F-150 Lightning electric pickup truck.
Ford’s stock reached a 21-year high on Tuesday and is the No. 1 trending ticker on Yahoo Finance. The Dearborn, Michigan, based company has surpassed GM (GM) and Rivian (RIVN) in market capitalization as it pushes further into the EV space.
“It’s very exciting to announce that we are taking the capacity up to 150,000 Lightnings per year, and we will do that sometime in the middle of 2023,” Kumar Galhotra, Ford president of the Americas & International Markets Group, told Yahoo Finance Live.
As of this Thursday, the first group of reservation holders will be able to place their order for Ford’s electric F-150 Lightning. The company has received nearly 200,000 reservations for the battery powered pickup.
“More than 75% of our reservations for F-150 Lightnings are from folks who haven’t owned Ford in a while. So that is pure growth for our brand. It just demonstrates if you deliver a compelling battery electric product, there’s a whole different market out there that’s willing to give you a chance,” Galhotra said.
Yahoo Finance’s Pras Subramanian took a test ride on an F-150 electric pickup in October and noted that it was the biggest electric vehicle he’d ever seen. Ford is also working on the Mustang Mach-E GT and E-Transit electric commercial van.
Last year, Ford’s stock jumped more than 135% as it continues to carve its path into the EV industry.