Published on 18 Apr 2024 on Zacks via Yahoo Finance
Ford (F) Opens Orders for 2024 F-150 Lightning at Lower Prices
Ford Motor Company F has opened online orders for its 2024 F-150 Lightning pickup, after pausing shipments earlier this year. The 2024 F-150 Lightning pickup is now shipping from the Rouge EV plant. The automaker recently announced a price cut on some of its F-150 Lightning pickup trims.The price of the F-150 Lightning Flash trim was reduced by $5,500 to $67,995. The prices of the XLT Standard Range and Lariat Extended Range were reduced by $2,000 and $2,500 to $64,995 and $79,495, respectively. The prices of Lightning Pro Standard Range and Lightning Platinum Extended Range variants remained unchanged at $54,995 and $84,995, respectively.Ford has also made a few technology changes in the 2024 F-150 Lightning pickup. The model will now have a Vapor Heat Pump System to optimize performance in various temperatures. It will have an updated charging speed display to show charging status and speed, including an estimated time to finish. The Tow Technology Package is now standard on XLT and above trims.The models also feature Pro Power Onboard and walk away lock function. Apart from this, Ford’s BlueCruise3 hands-free highway driving is included in select trims.F has now become the first automaker to have access to the Tesla Supercharger network. Ford’s EV owners now have access to more than 15,000 Tesla Superchargers.With sales of 7,743 units, the F-150 Lightning remained the best-selling electric pickup in the United States.Ford recently announced that it has reduced its workforce by one-third at the Rouge Electric Vehicle Center in Dearborn, MI, where the F-150 Lightning is manufactured. The move was intended to bring the production in line with lower-than-expected demand for F-150.Apart from halting the shipment of the F-150 Lightning in February this year, the automaker also slashed its 2024 production target for the electric truck by half to a weekly production rate of 1,600 units from the prior target of 3,200 units.
Zacks Rank & Other Key Picks
F currently carries a Zacks Rank #2 (Buy).Some other top-ranked players in the auto space are Geely Automobile Holdings Limited GELYY, Toyota Motor Corporation TM and Volvo VLVLY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for GELYY’s 2024 sales implies year-over-year growth of 36.6%. The earnings per share (EPS) estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days.The Zacks Consensus Estimate for TM’s 2024 sales and earnings indicates year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $1.30 and $1.01, respectively, in the past 60 days.The Zacks Consensus Estimate for VLVLY’s 2024 earnings implies year-over-year growth of 1.3%. The EPS estimates for 2024 and 2025 have improved 14 cents and 20 cents, respectively, in the past 30 days.