Tesla (TSLA) has transformed the automobile.
The automaker and its CEO Elon Musk have forced an entire industry to switch to cleaner cars. But they have still failed to push for mass adoption of electric vehicles.
Demand has increased sharply in recent months, but as the profile of EV buyers reminds us, remains that of people living in cities, chic suburbs and people with high purchasing power.
The situation could change in the coming weeks. Indeed, Ford (F), one of Tesla's great rivals, may hold the key to mass adoption of electric vehicles in the U.S.
Jim Farley, the automaker's chief executive officer, has just announced that April 26 will be the launch date for the highly anticipated F-150 Lightning, the electric version of the F-150 pickup.
Quintessential American Car
The F-150 is the quintessential American car.
It is the best-selling vehicle in the country, a record it has held for several years now. It's the king of all cars in rural areas, the countryside, and overall in the heart of America. The question is whether consumers will fall as in love with the electric version as they do with the gas version.
"⚡️ It’s time. #F150Lightning⚡️," Farley wrote on the microblogging site Twitter on April 13. The message was surrounded by a lightning bolt on the left and another lightning bolt on the right.
Below, the CEO wrote the date:
"4.26.2022."
The rollout has been more akin to the launches of blockbuster films. To take things a step further, Farley accompanied his post with an image of a car, presumably the F-150 Lightning, rolling with headlights on and back overhead at a lightning bolt.
Ford
For this Hollywood debut of the Lightning pickup, Ford organizes an event in Dearborn, Mich., where the vehicle is assembled.
The event will be undoubtedly watched closely by the entire automotive industry.
Ford's rivals are no doubt hoping to gauge the penetration of electric vehicles by the success of the F-150 Lightning. Without saying so, Ford is banking its strategy of producing 2 million electric vehicles per year by 2026 on the acceptance of the F-150 Lightning.
The company has gone so far as to recently separate its gasoline vehicle production division from that of battery powered vehicles. The first is called Ford Blue, while the second is Ford e. Farley is the CEO of both entities.
Ford had already announced that the first deliveries of the F-150 Lightning would start in the spring. The pickup has a very full order book. The carmaker stopped taking orders in December for the Model Year 2022 after registering some 200,000 orders.
Reservations Closed
All reservations are not often converted into firm orders. But they allow to measure the interest for a product. And in the case of the F-150 Lightning, the interest is enormous.
"No, the reservation system is now closed," the company said.
But Ford plans to reopen reservations for Model Year 2023 in "the summer", the carmaker added. And production for that model will start in the fall.
Even if Ford reopens reservations, it is not certain that you will know when you will receive the vehicle. The F-150 Lightning even today has a long waiting list.
Beyond that, Ford, like other automakers, is facing supply chain disruptions and a shortage of chips. Added to this was the recent Russian invasion of Ukraine, which unbalanced the relationship between supply and demand for raw materials such as nickel and palladium.
Ford
To avoid a black market with the first customers who would resell their F-150 Lightning at excessive prices, Ford offered dealers a clause in their contract. Dubbed a no-sale provision, the clause would also be binding on customers.
The F-150 Lightning comes in several variants which also determine the battery life.
F-150 Lightning Pro standard range: 230 miles
F-150 Lightning Pro extended range (fleet only): 320 miles
F-150 Lightning XLT SR: 230 miles
F-150 Lightning XLT ER: 320 miles
F-150 Lightning Lariat SR: 230 miles
F-150 Lightning Lariat ER: 320 miles
F-150 Lightning Platinum: 300 miles.
How About The Price and Rivals?
The base price ranges from $39,974 to $90,874 depending on the model you choose.
The F-150 Lightning will however face very tough competition, more so than the gas version. There is, of course, GM's (GM) electric GMC Hummer pickup, which must be followed by the electric version of the Chevy Silverado.
But there is above all the R1T from Rivian (RIVN) and from 2023, the famous Cybertruck from Tesla.
As for charging, Ford says that "the mobile power cord, capable of 30 Amps (A) charging on a 240V and 120V outlet, comes standard with all F-150 Lightning models."
The vehicle also has an extended-range battery and "included 80A Ford charge station pro charging equipment (which requires professional installation)" for home charging.
