Ford and the F-150 pickup pickup, which is the most popular vehicle in automakers' lineup, have always been a favorite among pickup truck owners. According to J.D. Power 2020 U.S. According to the Automotive Brand Loyalty Survey, Ford's loyalty rate is 54.3%. Ford seems to be attracting new buyers as it electrifies its fleet.Ford's second quarter earnings for 2021 were released Wednesday. They also revealed a surprising profit despite continuing chip shortages. It also revealed that the F-150 Lightning electric pickup had generated 120,000 preorders from its May unveiling. Ford reported second quarter revenue of $26.8billion, slightly lower than expected, and net income $561 million.These are not orders. They do not reflect the exact number of Ford vehicles that will be sold. A $100 deposit can be made to reserve an EV.It does however provide insight into the demand.According to Ford's earnings release, three quarters of these new orders are from customers who are brand new to Ford. Jim Farley, the CEO of Ford, stated that two-fifths of five Lightning preorders will trade in an ICE pickup during Wednesday's call.This could have a negative impact on Ford's sales and validates the company's recent ventures into battery manufacturing. Ford is not the only automaker that has entered into battery joint ventures. Ford has partnered with SK Innovation in the manufacture of battery cells in America and is currently building a battery research and development center in Michigan as part of its $30 billion investment in electrification.Ford's costly investment in an embedded electrical architecture upgrade, which allows Ford to update future EVs more quickly and enable new connected capabilities, can help increase sales. Farley says this could also lead to increased sales.Farley stated that upgrading electric vehicles is more than investing in tooling and engineering. This includes a new approach to embedded software and hardware systems.Ford newcomers will be tempted to spend more than $40,000 for the F-150 Lightning. The F-150 Lightning has the same power and torque as the gas version, and also features an ADAS BlueCruise system that is hands-free, a comprehensive infotainment device, and enough battery capacity for your entire house to keep it running in the event of an emergency.Farley stated that the Ford Maverick, which is a compact hybrid pickup, starts at $20,000 and has received around 80,000 orders. This hybrid is targeted at people who don't want to drive pickup trucks but still want to have a go at the utility pool.Farley stated that the demand for our first batch of high-volume EVs has clearly exceeded our best projections. We are working round the clock to overcome constraints and increase our manufacturing capabilities for these new, hot battery electric vehicles.The earnings report showed that the U.S. combined customer-sold retail order banks for the electric Mustang Mach-E was seven times greater than it was at the same time last year. Farley stated that the business is ready for a rebound once semiconductor supplies stabilize.
