Ford's F-150 Lightning Pickup Beats GM, Toyota For MotorTrend's 'Truck Of The Year' - Ford Motor (NYSE:F)


Ford Motor Company’s F 2022-model F-150 Lightning pickup truck won the “2023 MotorTrend’s Truck of the Year” award, beating traditional offerings from the likes of General Motors Corp. GM, Toyota Motor Corp. TM and Stellantis N.V. STLA.

What Happened: Dearborn, Michigan-based Ford said the F-150 Lightning was the first electric vehicle truck to win the award by a unanimous vote among judges and the second time an EV of any category has won unanimously in the history of MotorTrend’s “Of The Year” competitions.

MotorTrend said in a statement, the F-150 Lightning is the “first EV pickup truck to appeal directly to the existing truck market.”

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Although first-time buyers may be attracted toward Rivian Automotive, Inc.’s RIVN R1T pickup truck, only a much smaller segment of the traditional pickup truck market will be interested in making the switch, it added.

This was in line with a data point shared by Ford, which said its EV business is growing at a conquest rate of over 60%.

Why It’s Important: The F-150 Lightning EV truck is a vital cog in the wheels of Ford’s EV transition. Ford said it hopes to deliver 150,000 units per unit by the end of 2023.

“The Ford F-150 Lightning is no less than a milestone achievement in the history of American mobility,” said Ed Loh, MotorTrend group head of editorial.

Ford traded up 2.17% at $13.82, according to Benzinga Pro data.

Read Next: After F-150 Lightning’s Success, Ford Could Launch EV Versions Of These Models


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