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Cybertruck may outproduce the F-150 Lightning as Ford cuts 2024 target by half over demand destruction

Cybertruck once played dress-up as an F-150 (image: Greggertruck)
Cybertruck once played dress-up as an F-150 (image: Greggertruck)
Tesla could very well manufacture more Cybertruck electric pickups next year than Ford's 75,000 F-150 Lightning vehicles. Ford will slash its Lightning EV production quota by 50% over 'market demand.'

In these trying for the nascent EV industry times of increased competition and fleeting demand, Ford intends to cut the F-150 Lightning production rate by the whopping 50% next year. This means that it will only be gunning to make about 1,600 Lightnings a week. Given Tesla's aggressive manufacturing plans, it may very well produce more Cybertrucks in its first year in existence than Ford will make F-150 Lightnings.

In a new order planning memo to its suppliers, Ford reportedly warns them that it will only need parts for 1,600 F-150 Lightnings per week in 2024, a 50% cut from its previous target. Thus, the scheduled F-150 Lightning output of 150,000 electric pickups will be slashed down to 75,000 when accounting for idle weeks, quite the drastic cut in orders.   

Apparently, Ford cites deteriorating market conditions and demand destruction that seem to have caught most everyone by surprise, including Tesla which is employing every carrot and stick trick in the book to juice up the year-end orders.

During the last earnings conference, Ford's CFO explained what is happening in the EV market. "The narrative has taken over that EVs aren't growing; they're growing," he said, but "at a slower pace than the industry and, quite frankly, we expected," so the F-150 Lightning, now facing increased competition from the Cybertruck, had to give.

Back in the summer, Elon Musk praised the Ford F-150 Lightning as "a good vehicle, just somewhat expensive, especially given the high interest rates these days for any kind of loan," which now sounds kind of prophetic. In his turn, Ford's CEO poked fun at the Cybertruck as a "truck for Silicon Valley people" not long ago, all in good jest.

The Cybertruck, however, seems to have quite the cult following and reservations lined up until Tesla outs a cheaper RWD version. Elon Musk wants to speed its production up to 250,000 vehicles per year by 2026, so that it is able to satisfy all that pent-up demand and achieve the economies of scale that will allow it to lower the price like it did with its other models this year.

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> Expert Reviews and News on Laptops, Smartphones and Tech Innovations > News > News Archive > Newsarchive 2023 12 > Cybertruck may outproduce the F-150 Lightning as Ford cuts 2024 target by half over demand destruction
Daniel Zlatev, 2023-12-12 (Update: 2023-12-13)