The 46th President of the United States will travel to Michigan next week to visit Ford Motor Company's F Dearborn facility. President Joe Biden will get a preview of the highly anticipated Ford F-150 Lightning all-electric pickup truck.
What Happened: The White House has confirmed Biden will tour the Ford's Dearborn facility to get a sneak peek at the F-150 Lightning pickup on Tues. May 18. The visit comes a day before Ford will host a live stream to unveil the F-150 Lightning to the public.
“We’re honored to host President Biden at Ford Motor Company and excited to preview him the new F-150 Lightning and the exciting technologies that made it possible,” Ford said in a statement.
Ford released a teaser video, including the history of Ford trucks. Few details are known about the F-150 Lightning, except that it will be built by UAW workers at Ford’s Rouge Electric Vehicle Center.
See also: How to Buy Ford Stock
Biden could hold a speech at the event, but that has not been confirmed yet. The president has been a vocal ally of unions and the push for electric vehicles. Both these items could be prominent focal points of a speech or statements Biden may give.
Why It’s Important: The visit by Biden and the live stream could create a huge buzz for this already highly anticipated vehicle launch from the iconic American automobile company.
The F-150 is the bestselling truck in the U.S. and an electric version could be the market leader in the segment in the years to come.
Ford’s new CEO Jim Farley has put a huge emphasis on the company growing its lineup of electric vehicles and autonomous vehicles. Launching new electric vehicles could help Ford compete with Tesla Inc TSLA, which has so far dominated the U.S. electric vehicle market.
A tweet by Farley has sparked a rumor Ford could be working on an electric Bronco model as well.
“Why do you think we don’t?” Farley responded to someone asking why Ford doesn’t have an electric version of the Bronco available.
Price Action: Shares of Ford are trading down 1.64% at $11.39 on Wednesday at publication.
Disclosure: Author is long F shares.
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