The F-150 Lightning pickup truck made by Ford has been introduced onto the market, and it could turn out to be the elusive key that unlocks the floodgates of people buying electric vehicles in mass, at least within the United States. Several factors provide reason for this optimism.
First, Ford’s pickup trucks, the F-Series, hold the record for being the most popular as well as best-selling vehicles in America. The company has made the huge decision to overhaul these vehicles, making fully electric versions of these much-loved trucks. At the moment, 5.8% (16.4 million F-series pickup trucks) of all automobiles on American roads are Ford pickups. This means that there is huge potential for the Lightning to attract buyers in droves, thereby popularizing EVs in the United States.
This brings us to the second factor in favor of the F-150 Lightning — its price. One of the key reasons why people have been slow in buying EVs is their high upfront cost. The F-150 Lightning was made with that concern in mind, and the price for the vehicle starts at just under $40,000 for the lowest trim level. For comparison purposes, the Lightning costs about one-half what buyers would need to fork out in order to acquire Rivian’s R1T pickup.
The other available electric pickup is GMC’s Hummer, and its starting price is more than $110,000. The release of Tesla’s Cybertruck was delayed (yet again), so let’s not get into discussing what isn’t yet available on the market. You can now see that the Lightning is more pocket friendly for most Americans.
The third reason is that the 150 Lightning enjoys a first-mover advantage. How so? Rivian’s R1T and CMC’s Hummer are already on the market, but their prices make them inaccessible for the vast majority of Americans. However, the Lightning is the first fully electric pickup truck to be manufactured for the mass market. You can bet that a sizeable number of those who have been driving the gas-powered F-Series will gladly make the switch to the electric version, and this gives Ford a huge leg up on the competition, whose trucks are still seen as expensive toys.
With almost 200,000 orders already placed for the F-150 Lightning and the company working to ramp up production so that it can make a minimum of 150,000 of these vehicles each year starting in 2023, the stage looks set for electric pickups to take charge of American roads. Other EVs makers, such as Mullen Automotive Inc. (NASDAQ: MULN), can then ride on this success to make their own mark on the other segments of the market.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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