Ford Motor Company's (NYSE:F) 2022-model F-150 Lightning pickup truck won the "2023 MotorTrend’s Truck of the Year” award, beating traditional offerings from the likes of General Motors Corp. (NYSE:GM), Toyota Motor Corp. (NYSE:TM) and Stellantis N.V. (NYSE:STLA).
What Happened: Dearborn, Michigan-based Ford said the F-150 Lightning was the first electric vehicle truck to win the award by a unanimous vote among judges and the second time an EV of any category has won unanimously in the history of MotorTrend’s “Of The Year” competitions.
MotorTrend said in a statement, the F-150 Lightning is the “first EV pickup truck to appeal directly to the existing truck market.”
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Although first-time buyers may be attracted toward Rivian Automotive, Inc.’s (NASDAQ:RIVN) R1T pickup truck, only a much smaller segment of the traditional pickup truck market will be interested in making the switch, it added.
This was in line with a data point shared by Ford, which said its EV business is growing at a conquest rate of over 60%.
Why It’s Important: The F-150 Lightning EV truck is a vital cog in the wheels of Ford’s EV transition. Ford said it hopes to deliver 150,000 units per unit by the end of 2023.
“The Ford F-150 Lightning is no less than a milestone achievement in the history of American mobility,” said Ed Loh, MotorTrend group head of editorial.
Ford traded up 2.17% at $13.82, according to Benzinga Pro data.
Read Next: After F-150 Lightning's Success, Ford Could Launch EV Versions Of These Models
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