Ford Cuts Its F-150 Lightning Production in Half Due To Drops in Demand
When Ford first announced the F-150 Lightning in 2021, it was like the new kid at school that got everyone’s attention. It was the first fully-electric pickup truck on the market, as well as the new posterchild for Ford’s electric lineup. But after only two years, Ford is tapping the brakes on production for this truck.
Ford Cuts Production on the F-150 Lightning
While many major automakers like Ford believed we were going to be experiencing an electric boom, the market decided otherwise. Because the F-150 Lightning (as well as many other new EVs being pushed by major brands) was not resonating with buyers, the “electric revolution” automakers were hoping for came and went like a flash of lightning. According to a memo released by Ford, the company will be cutting production on the F-150 Lightning by 1,600 a week in 2024, half of its target of 3,200 per week.
The memo states that these cuts are the result of “changing market demand,” and that Ford will be adjusting its production quotas to keep up with shifts in customer demands.
Is Tesla To Blame?
In addition to the overall drop in interest in EVs, this news follows the big competition against the long-awaited Tesla Cybertruck.
The F-150 Lightning, which has a starting MSRP of $49,995, was expected to be a real contender against the Tesla Cybertruck. Even CEO Jim Farley brushed off the potential competition against Tesla, stating that the Lightning is for “real people who do real work,” and that the Cybertruck was more of a luxury/novelty item for “Silicon Valley people.”
Additional EV Fallout
But despite its initial spike in popularity upon its debut, the dropped demand for the F-150 Lightning, as well as other Ford EV models has resulted in unsold units taking up space on dealership lots.
Along with these production cuts, Ford has also postponed a $12 billion investment in its manufacturing of EVs, which included halting construction for a battery plant in Kentucky.