Benzinga - by Anan Ashraf, Benzinga Editor.
Ford Motor Co (NYSE:F) has commenced deliveries of its F-150 Lightning electric pickup trucks to customers in Norway, marking its debut in the European market. The Scandinavian country also happens to be where Tesla holds the maximum market share among auto companies of all kinds.
What Happened: Ford’s Norway Managing Director shared images of the inaugural handover of the Lightning truck on X last Friday. Ford CEO Jim Farley expressed excitement, stating, “Exciting to see our Ford customers in Norway begin receiving their F150 Lightning deliveries. Hope your new F-150 Lightning serves you well!”
Exciting to see our @Ford customers in Norway begin receiving their #F150Lightning deliveries. Congrats to Dag and Angela. Hope your new F-150 Lightning serves you well! @Ford_Norge https://t.co/RnukIJzGqo— Jim Farley (@jimfarley98) February 10, 2024
Why It Matters: Ford’s decision to introduce the Lightning in Norway, announced in April 2023, reflects its ambition to expand the pickup truck’s reach globally. The company noted significant demand in Norway, where Lightning units are produced back home at the Rouge Electric Centre in Dearborn.
Tesla, maintaining its position as Norway’s top-selling automotive brand for three consecutive years, commands a 20% market share in the country.
Production Challenges: Despite initial plans to ramp up production to an annual rate of 150,000 Lightnings, Ford has cut its targets due to decreased demand.
Ford’s EV Outlook: The company anticipates widening losses in its electric vehicle segment, Model-E, projecting a range of $5 billion to $5.5 billion for this year. Factors contributing to these losses include pricing pressures and investments in the development of its next generation of vehicles.
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