Ford Motor Company F will unveil the latest version of its best selling F-150 pickup truck this week with features such as an onboard generator and a reclining seat.
What Happened
Ford’s vice president of U.S. marketing, sales and service Mark LaNeve said that the newest F-150 would “set a new bar in terms of capability, torque, payload, towing that [Ford's] truck customers need,” reported Fox Business
LaNeve also announced a hybrid version with an onboard generator that can power a work site or a home "for a short period of time.”
The Ford executive confirmed the presence of a sleeper seat, saying, “Our truck customers work hard for a living. You've got to take a little siesta in the middle of the day ... and you can lay flat.”
The automaker posted a teaser of its latest truck on Twitter on Tuesday ahead of the scheduled reveal Thursday.
Why It Matters
The F-150 has been the best-selling vehicle in the United States since 1981, and the company sold 900,000 F-series trucks in 2019.
The truck to be released Thursday is the 14th generation of the F-150. The last major redesign was carried out in 2014 and further updated in 2017, notes Business Insider.
Competitors of the truck include General Motors Company’s GM Chevy Silverado and GMC Sierra as well as Fiat Chrysler Automobiles NV’s FCAU RAM 1500.
According to LaNeve, Ford will offer a battery-electric truck within two years.
The F-150’s popularity can be gauged by the fact that Trevor Milton, founder of Nikola Corporation NKLA, wants to snatch its crown and emerge as a frontrunner.
Tesla Inc TSLA is also jumping on the truck bandwagon and expects to launch its Cybertruck in 2021 or 2022. The automaker expects 650,000 preorders.
Price Action
On Tuesday, Ford shares closed 2.07% lower at $6.15.
Image by Ford
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
