Ford Devotes $250M, 450 Workers On F-150 Lightning EV Truck - Ford Motor (NYSE:F)

Ford Motor Co F spent $250 million to expand its new factory producing the battery-powered F-150 Lightning to tap the demand surge.
The F-Series truck’s gasoline version has been the top-selling vehicle in the U.S. and is Ford’s biggest moneymaker, Bloomberg reports.
The automaker is boosting annual capacity to 80,000 units and hiring 450 workers for its Rouge Electric Vehicle Center in Dearborn, Michigan, Van Dyke Electric Powertrain Center, Rawsonville Components Plant.
Ford said it already has more than 150,000 reservations for Lightning, which faces competition from Tesla Inc’s TSLA Cybertruck and Amazon.com Inc AMZN and Ford-backed Rivian Automotive Inc’s R1T, which is due to go on sale this month.
Ford has started pre-production of the Lightning trucks. The truck will be available by spring 2022, starting at about $40,000.
Ford’s expansion of the Rouge EV center is in addition to the $700 million it invested in building the facility.
Price Action: F shares traded higher by 2.15% at $13.50 on the last check Thursday.