Ford announced its Q2 2021 financial results this week, and things are looking good for the Blue Oval brand. And, bolstered by the announcement that reservations are exceeding expectations for electric pickup, the future looks even better.
The 2022 F-150 Lightning is an all-electric version of Ford's F-150 pickup truck. Reservations opened shortly after the official debut back in May and, just earlier this month, we reported thatof you had plunked down the $100 refundable deposit to get in line. Of course, it's no surprise that ; the combustion-powered version has been the for 39 consecutive years and the best-selling pickup truck for 44 years running.
This week, Ford reports that the queue has crested 120,000 reservations, adding that "about three-quarters of them [are] from customers who are new to Ford." Of course, not all of these small refundable deposits will translate to actual sales once the Lightning strikes in spring of 2022, but many will and, at the very least, this is a strong indicator of buyer interest and the power of electrification to bring new customers to the brand.
The F-150 isn't the only success story mentioned in the report. Ford's April financials predicted a loss due to the semiconductor shortage limiting production. However, despite building fewer vehicles, the automaker is reporting an adjusted earnings increase of $1.1 billion.
A stable of high demand vehicles -- like the, currently ranked No. 2 in sales among all-electric sport utility vehicles in the US, and the -- means that Ford was able to convert more of its limited production to sales and, because those vehicles aren't just sitting at the dealership, it didn't need to rely as much on incentives, . This formula has helped boost revenue from sales seven-fold year-over-year.
And with the Lightning, the financial statement yourself here. Ford plans to report its third-quarter 2021 financial results on Oct. 27.and the on the horizon, Ford says that "sales 'spring loaded' for growth when semiconductor supplies normalize." You can get a peek at the