Ford says it will "match" F-150 Lightning production to customer demand
(CBS DETROIT) - Ford Motor Company said it will match the production of the F-150 Lightning to customer demand despite reports that it plans to cut production in half.
The automaker, which began production of the vehicle in Dearborn last year, had an annual targeted capacity of 150,000; however, a company spokesperson told CBS News Detroit, "This is about matching to demand, not halving where we are today."
The automaker was planning to reduce its production of the EV from 3,200 a week to 1,600 starting next year, according to Automotive News.
In Ford's latest quarter, one of its weakest areas was its electric vehicle division, where earnings before interest and taxes fell to a loss of $1.3 billion in the quarter — a significant widening from a $600 million loss in the year-earlier quarter — despite a 29% increase in revenue to $1.8 billion. The company blamed price competition in the sector, but Ford executives stressed that they remain committed to electric vehicles.
Despite the reduced production, the company says its EV sales in the third quarter increased 14.8%, largely for the Mustang Mach-E sales. Ford anticipates an increase in production sales for the Lightning in the fourth quarter.
In July 2023, Ford announced it was lowering prices for the truck by more than $6,000 to $9,000. At the time, the company closed the Rouge Electric Vehicle Center for upgrades and said the costs of battery raw materials were improving.
