U.S. Markets close in 2 hrs 22 mins
  • S&P 500

    4,448.10
    -34.63 (-0.77%)
     
  • Dow 30

    34,581.93
    -133.46 (-0.38%)
     
  • Nasdaq

    13,977.48
    -176.54 (-1.25%)
     
  • Russell 2000

    2,007.98
    -16.06 (-0.79%)
     
  • Crude Oil

    84.74
    -0.81 (-0.95%)
     
  • Gold

    1,832.20
    -10.40 (-0.56%)
     
  • Silver

    24.32
    -0.40 (-1.60%)
     
  • EUR/USD

    1.1349
    +0.0032 (+0.2837%)
     
  • 10-Yr Bond

    1.7530
    -0.0800 (-4.36%)
     
  • Vix

    27.51
    +1.92 (+7.50%)
     
  • GBP/USD

    1.3564
    -0.0036 (-0.2631%)
     
  • USD/JPY

    113.7000
    -0.4000 (-0.3506%)
     
  • BTC-USD

    38,315.86
    -4,642.96 (-10.81%)
     
  • CMC Crypto 200

    901.18
    +658.50 (+271.35%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,522.26
    -250.64 (-0.90%)
     

Are Tesla, GM Customers Making The Switch To Ford F-150 Lightning?

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • F
  • TSLA

One of the most anticipated electric vehicle launches in years is coming with the electric pickup Ford F-150 Lightning from Ford Motor Co (NYSE: F). A dive into reservations shows where the company’s future customers are coming from.

What Happened: A forum called Lightning Owners tracks the pre-orders for the Ford F-150 Lightning. Trends tracked include which colors are being ordered and what extra options are being added to the vehicles.

The survey results show that Antimatter Blue is the most popular color for the F-150 Lightning, but investors might be more interested to hear where the reservations are coming from.

The research shows that 25% of people who have placed pre-orders for the F-150 Lightning currently own a F-150. Around 5% of the people who placed pre-orders currently own a Tacoma from Toyota Motors (NYSE: TM).

“What is interesting is that almost no Chevy, GMC or Dodge truck owners are among the group of reservation holders,” CleanTechnica says.

It could be that General Motors Corp (NYSE: GM) vehicle owners are remaining loyal to their brand and waiting until more electric vehicles come out from the company.

The report shows that 11% of people polled who have pre-ordered the F-150 Lightning own a Tesla Inc (NASDAQ: TSLA) vehicle.

“The trade-ins we think Ford will be most likely to brag about are the Teslas and there are a lot,” Lightning Owners said.

Related Link: Could F-150 Lightning Have More Range Than Originally Shared

Why It’s Important: The F-150 is the bestselling vehicle in the U.S. and has helped Ford maintain a strong market share of the automotive space.

Around a quarter of the reservations being current F-150 owners could show strong brand loyalty but might also cut into Ford’s profits with an electric vehicle having potentially lower margins and an aggressive price to take on rivals like Tesla and Rivian Automotive (NASDAQ: RIVN).

Ford reported third-quarter revenue of $35.7 billion, which beat street estimates. The company is investing heavily in growth initiatives including electric vehicles.

Ford said that it is doubling its yearly production volume of the F-150 Lightning due to “exceptional customer demand.”

Another interesting part of the survey is that 40% of the F-150 Lightning reservations come from people who already own or have owned an electric vehicle, which could show that mass electric vehicle adoption is still years away.

F Price Action: F shares were down 0.38% at $19.72 Wednesday morning.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.