Ford Motor Co. (F) Motor Company Report announced Thursday that it will double the production capacity target for its F-150 Lightning electric pickup truck to 80,000 per year due to strong demand.
The company had previously targeted producing more than 40,000 of the vehicles by 2024. The vehicle is slated to go on sale next spring.
"The interest from the public has surpassed our highest expectations," Executive Chairman Bill Ford said in a statement.
The company says it will invest $250 million and add 450 hourly jobs across three Michigan plants in order to facilitate the company's increased production target.
"This truck and the Ford-UAW workers who are assembling it in Michigan have a chance to make history and lead the electric vehicle movement in America," Ford said.
Ford noted that the company has already received more than 150,000 reservations for the truck.
Ford shares were up 0.7% to $13.31 in afternoon trading Thursday at last check.
The vehicle will have a starting MSRP of $40,000 and a targeted EPA-estimated driving range of 300 miles with the extended range battery.
Ford's announcement comes a week after the company announced plans to haltcar production in Indiaand lay off 4,000 workers in order to curb losses by second quarter 2022.
Ford has sustained operating losses of more than $2 billion over the past 10 years and an $800 million non-operating write-down of assets in 2019, it said. “The restructuring is expected to create a sustainably profitable business in India.”