Ford already has 20K reservations for new electric pickup

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Ford Motor has taken 20,000 reservations for its new electric F-150 Lightning pickup in less than 12 hours since the truck was officially unveiled to the public Wednesday night, CEO Jim Farley told CNBC.

The automaker revealed the vehicle at 9:30 p.m. ET Wednesday night during an elaborate presentation at the company’s world headquarters in Dearborn, Mich. The company’s shares jumped by about 3% in premarket trading.

The reservations are being closely watched by the company as well as investors to gauge the interest of customers in EV pickups, which is an unproven segment that automakers are rushing to enter.

Ford CEO Jim Farley said the F-150 Lightning will be a test as to whether mainstream Americans truly want electric vehicles.

“I am looking at this vehicle as a test for adoption for electric vehicles,” Farley told reporters at the vehicle’s unveiling Wednesday night. “We should all watch very carefully how this does in the market.”

Ford’s F-Series pickups have been the best-selling truck in the U.S. since the mid-1970s.

The wildly popular truck has reigned supreme for 44 years, including 39 years as the best-selling vehicle overall in the U.S. The significance of the truck to Ford can’t be overstated. F-Series, which includes the F-150 and large truck siblings, is the automaker’s profit engine.

Ford is taking reservations for the vehicle on its website. A refundable $100 deposit is required.

Ford Motor Company’s chief executive officer Jim Farley poses next to the newly unveiled electric F-150 Lightning outside of their headquarters in Dearborn, Michigan on May 19, 2021.

Jeff Kowalsky | AFP | Getty Images

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