Ford Motor Co F said on Thursday its first hybrid pickup Maverick has crushed EPA fuel economy tests and is nearly sold out.
What Happened: The Dearborn, Michigan-based Ford said the gas-electric Maverick would be fully booked by early November following which the automaker will stop reservations for the small truck until next summer.
Ford said it plans to start shipping the Maverick hybrids to dealers in December and deliveries to customers would begin in January.
The automaker said the under $20,000 and 2.5-liter Maverick hybrid has received an EPA-estimated rating of 42 miles per gallon in the city and an estimated range of more than 500 miles on a single tank of gas.
Ford had in August said the hybrid has exceeded 100,000 bookings, as per a Bloomberg report.
Why It Matters: Ford has been focusing on riding the green tidal wave with investments in hybrid and electric vehicle lineups. The automaker had earlier this year said it expects 40% to 50% of its global vehicle volume to be fully electric by 2030.
The legacy player has pledged $30 billion to be invested by 2025 under a turnaround plan towards electric vehicles. Rival General Motors Co GM has set similar targets amid government pressure and the market leader Tesla Inc's TSLA onslaught in the electric vehicle place.
Price Action: Ford shares closed 3.18% lower at $16.55 a share on Thursday.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo: Courtesy of Ford
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
