Ford quickly reaches 120,000 orders for its Tesla Cybertruck rival

Interest seems to be growing for Ford's very first all-electric F-150, called the Lightning.
Ford (F) has collected 120,000 orders for the Lightning, CEO Jim Farley told investors on a conference call Wednesday evening. About 75% of orders come from people new to the Ford brand, Farley said.
At the end of May, Ford said it had 70,000 orders for the Lightning.
“I'd say what we've learned so far [from Lightning orders] is that Ford's customers are mostly new, but not new to the segment. These are customers who really like these silhouette vehicles. What is really interesting to me is that some would portray the full-size trucking industry as some kind of conservative customer. That's not what we see. In this very large order bank for F-150 Lightning you are new to BEV [battery electric vehicle], and you are happy about the switch to BEV. More than half of them are pickup customers, "said Farley.
The battery-powered, extended-range Lightning promises 10,000 pounds of towing capacity, software updates over the air, and the ability to power your home with emergency power. This version - which starts at about $ 50,000 - has a range of 300 miles on a charge, 563 horsepower, and goes from 0 mph to 60 mph in about 4.4 seconds.
Bill Ford, Jr., Executive Chairman of Ford Motor Company, and Linda Zhang, Chief Engineer, attend the launch of the new all-electric Ford F-150 Lightning Pickup at Ford World Headquarters on May 19, 2021 in Dearborn, Michigan. The truck will be built in the brand new Ford Rouge Electric Vehicle Center in Dearborn from spring 2022. (Photo: Bill Pugliano / Getty Images)
Ford's F-150 Lightning is scheduled to go into production in mid-2022.
In the meantime, it is unclear when the all-electric Tesla Cybertruck will go into production as Elon Musk focuses on securing supplies of batteries and chips for its mass-market sedans.
Ford shares rose 5% in pre-market trading Thursday as investors welcomed orders for the Lightning and an upcoming hybrid pickup truck called the Maverick.
Amid a boom in new vehicle demand, Ford also raised its adjusted earnings forecast for the full year by about $ 3.5 billion to $ 9 billion to $ 10 billion. Sales volume in the second half of 2021 is set to increase 30% as Ford expects better flow of semiconductors for most of the year after the shortage.
Brian Sozzi is an editor and presenter at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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