If you've been putting off placing a reservation for Ford's upcoming EV F-150, you're in for some bad news. There aren't any more. Reservations, I mean. The company has reportedly received 200,000 orders for the model and aren't taking any more.
As Ford CEO, Jim Farley, announced on a live airing of CNBC Investing Club Thursday, “we are completely oversubscribed with our battery electric vehicles, Lightning especially.”
“We had to stop reservations we got so many,” he added. “We stopped at 200,000, and those are orders. Hard orders.” That's unlike the Maverick, which saw 100,000 reservations in the first two months after its debut but did not require potential buyers to actually put down a cash deposit so anyone could add their name to the list, financially risk-free.
Even with this newly installed cap, Ford faces a significant production challenge. Farley noted during the show that full production capacity for the Lightning currently sits at “70,000 or 80,000 units." Don't fret if you're already on the reservation list, Ford is already looking for ways to boost its EV output.
“We’re going to try to double that,” Farley told CNBC host Jim Cramer. “We’ve done it in the past. Don’t bet against Ford when we have to increase capacity. This is what we do.”
Initial deliveries for the F-150 Lightning are slated for the middle of 2022.