Rivals Emerge for Ford Lightning
Ford's F-150 Lightning faces competition from Tesla's Cybertruck, outcome uncertain.
Ford's F-150 Lightning is facing some serious competition with the arrival of Tesla's Cybertruck. The question on everyone's mind is, which pickup is better? While various "tests" have been conducted, the answer still remains uncertain. In terms of production, Ford has set an ambitious goal of 150,000 Lightning units by the end of the year. However, they only managed to sell 4,466 in the second quarter, possibly due to supply constraints. On the other hand, Tesla's Cybertruck production is already two years behind schedule, but with Elon Musk aiming for an annual production of 250,000 units, it's too early to gauge its impact on sales.
When it comes to marketing advantage, Ford has a significant edge. With millions of gasoline-powered F-150 pickups already on the road, they have a ready-made market for Lightning sales. Additionally, Ford boasts a massive dealer network, which plays a crucial role in sales and service. However, Elon Musk disagrees, claiming that dealer networks are not essential. It remains to be seen whether customers, who are accustomed to working with dealerships, will embrace this unconventional approach.
On the other hand, the Cybertruck benefits from Tesla's mystique and reputation as the most advanced car company in the world. Tesla has established itself as a leader in producing cutting-edge products, and one study even values their brand at a staggering $66 billion, placing them at the top of the industry. In comparison, Ford ranks eighth with a brand value of $22 billion, slightly behind smaller automaker Honda.
Looking at market cap, which serves as a measure of sales and profitability, Tesla's dominance is evident. With a market value of $892 billion, they far surpass Ford's $60 billion. Tesla's market value has skyrocketed by 165% this year, while Ford's has seen a 28% increase. Although these figures may not directly reflect pickup sales, they do indicate Wall Street's belief in the long-term potential of the electric vehicle market overtaking the gasoline-powered vehicle market.
One thing is certain – Ford finally has a formidable competitor in the electric pickup market. With Tesla's Cybertruck entering the scene, the battle for supremacy is just beginning. Only time will tell which pickup will come out on top, but one thing is for sure – the competition is heating up.