Ford already has 20K reservations for new electric pickup

Ford Motor has taken 20,000 reservations for its new electric powered F-150 Lightning pickup in a lot less than 12 hrs due to the fact the truck was officially unveiled to the general public, CEO Jim Farley instructed CNBC.

The automaker exposed the motor vehicle at 9:30 p.m. ET Wednesday evening in the course of an elaborate presentation at the firm’s earth headquarters in Dearborn, Michigan. The firm’s shares jumped 3.3% in Thursday morning trading.

“The response has been excellent,” Farley reported for the duration of an interview on “Squawk Box.” “With 20,000 orders currently, we are off to the races.”

The reservations are currently being closely watched by the organization as well as investors to gauge the fascination of buyers in EV pickups, which is an unproven segment that automakers are speeding to enter. They involve Tesla, Standard Motors and various begin-ups this kind of as Rivian, Lordstown Motors and Canoo.

Ford’s robust reservations for the F-150 Lightning are not unique. Two times after unveiling the Tesla Cybertruck in November 2019, CEO Elon Musk tweeted that the firm experienced taken 146,000 reservations for the metal trapezoid-formed pickup.

Farley claimed the F-150 Lightning will be a test as to whether mainstream Us citizens certainly want electric motor vehicles.

“I am looking at this automobile as a take a look at for adoption for electrical motor vehicles,” Farley instructed reporters at the vehicle’s unveiling. “We really should all enjoy quite thoroughly how this does in the industry.”

The wildly well-liked truck sequence has reigned supreme for 44 a long time, like 39 as the ideal-offering automobile overall in the U.S. The importance of the truck to Ford can’t be overstated. F-Collection, which incorporates the F-150 and significant truck siblings, is the automaker’s revenue engine.

Ford is taking reservations for the car or truck on its web page. A refundable $100 deposit is expected.

Ford Motor Firm’s chief govt officer Jim Farley poses next to the freshly unveiled electric F-150 Lightning exterior of their headquarters in Dearborn, Michigan on May possibly 19, 2021.

Jeff Kowalsky | AFP | Getty Photos