One of the most popular vehicles from 2022 doesn’t have a demand problem heading into 2023, but as the company who makes it found out quickly, it might have a supply problem.
What Happened: The F-150 Lightning is one of the bestselling electric pickup trucks and also took home several awards in 2022.
Released by Ford Motor Company F, the F-150 Lightning comes from the F-Series of pickup trucks, which has been the bestselling vehicle in the United States for 41 straight years.
While the F-150 Lightning saw strong demand from customers in 2022, it could face challenges to keep up the same momentum in 2023 due to supply issues.
The F-150 Lightning is no longer for sale on Ford’s website, according to a report from CleanTechnica.
“Due to high demand, the current model year is no longer available for retail order. Contact your dealer for more information,” Ford’s website says, according to the report.
Related Link: Ford Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric Vehicle Update And More
Why It’s Important: Ford sold 15,617 F-150 Lightnings in 2022, including 4,775 in the month of December.
Ford has announced plans to increased annual production on the F-150 Lightning from 80,000 to 150,000 units by the middle of 2023.
The strong demand for the electric pickup truck from Ford could be a huge win for Ford, but also could present problems as the company can’t keep up with supply.
One important issue looming in the shadows is the highly anticipated release of the Cybertruck electric pickup truck from Tesla. Reports from Tesla and third party sites show strong demand for the Cybertruck.
Tesla has a history of showing it can ramp up production and also has increased vertical integration and deals in place to help with the supply chain on key materials.
Ford got a head start on some of its key competition with the release of the F-150 Lightning in 2022 and now could be looking back at a missed opportunity.
The good news for Ford and other non-Tesla players is the fact the pickup truck market is large. Three of the top five selling vehicle models in the United States and five of the top 10 were pickup trucks for the 2022 year.
If consumers convert to electric pickup trucks, there could be plenty of demand to be spread around for automakers working on models.
Ford will announced quarterly earnings on Feb. 2 after the market close. Investors and analysts could be watching to hear news on production updates for the F-150 Lightning.
F Price Action: Ford shares are up 1% to $13.34 on Thursday.
Read Next: Here's What Analysts Are Saying About Ford Motor Company
Photo courtesy of Ford.
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