Ford Motor Company (NYSE: F) revealed its new electric vehicle on Tuesday during a visit by United States President Joe Biden to the Dearborn Michigan plant where the vehicle will be produced. The preview of the new electric F-150 Lightning pickup which happened earlier than planned displayed the features of the highly anticipated truck which is almost a lookalike of its current F-150 and is almost the same size as a smoother.
The F-150 Lightning pickup, however, boasts of a unique exterior styling including a closed-off grille, a light bar across the front of the vehicle connecting its headlights, and a more aerodynamic design. Ford stock, however, fell to less than 0.1% to close at $12.14 on the stock market regardless of the company previewing its electric vehicle dreams. Today in the pre-market, F stock is 0.16% down.
The new F-150 Lightning according to Ford will be a combination of power, performance, and technological innovation, all trademarks of Ford trucks. Production of the new electric truck won’t however start until next spring with sales at dealerships slated to begin in mid-2022.
The F-150 is already the top-selling vehicle of Ford and in the country and an electric version of the pickup truck is a boost in the company’s hope of dominating the ever-growing market for electric vehicles. The new electric F-150 Lightning truck is however set to hit the market after the arrival of electric trucks from rivals as both the R1T from Rivian, and EV startup backed by Amazon are supposed to go on sale in June. General Motors’ Hummer “supertruck” will be next, scheduled to hit the road this fall, as well as Tesla’s Cybertruck which will be unveiled sometime this year.
Ford refused to add any additional details about its electric vehicle as its official public reveal is set to happen today at 9:30 p.m. EDT. President Biden speaking about the automotive industry and electric vehicles stated that there is a need for the United States to catch up to China with regards to the productions of new technologies including EV batteries and semiconductor chips.
The US President also called for an increase in investment for local semiconductor production to ensure the auto industry in the states doesn’t face a shortage like the current one. He added that the future of the auto industry is electric and that “There’s no turning back.”
President Biden after his speech asked if could drive the electric F-150 so he could “lose the Secret Service and go out to the track.” Biden’s wish was granted as he drove the F-150 Lightning at a nearby development center for the company with a Secret Service agent in the vehicle. “This sucker’s quick,” he stated.