Ford Motor Co (NYSE:F) is expected to showcase its next-generation F-150 truck this week. The truck offers over the air updates to its software as well as a new sleeper-seat component, and the company is counting on the truck to help it in paying off its COVDI-19 related debts.
F-150 pickup truck to make over the air software updates mainstream
The company’s F-150 truck is among the best selling vehicles in the US, accounting for annual revenue of around $50 million and a huge junk of Ford’s profits. General Motors Co. (NYSE:GM) and Tesla Inc. (NASDAQ: TSLA) are miles ahead when it comes to offering over the air software updates and faster in-vehicle networks. However, Ford’s F-150 will make the technology mainstream.
Ford expects to launch the new truck sometime this year, and it is vital to the plans of the company’s COO Jim Farley of cutting warrant costs by $5 billion. It will enhance the company’s strong position in the commercial vehicle sector in North America.
During the COVID-19 pandemic, the company borrowed $20 billion to help it overcome economic shock as a result of the pandemic. Most of the profits from the sales of the F-150 pickup truck will go into repaying that debt.
F-150 truck fitted with new exciting features
Because of its sales dominance, the company has not concentrated on the exterior look for the truck; rather, it is improving its interior. Ford will publicly showcase the truck for the first time on June 25, 2020. Early this month, Farley indicated that the F-150 truck is all about productivity and technology. Among the prominent features in the truck will be the sleeper passenger seat similar to those seen in first-class cabins of airplanes. A source familiar with the design indicated that one can basically live in the truck.
The truck’s new electrical design will enable the company to offer over the air software upgrades to main modules that control the vehicle. This will save truck-owners a lot of time they spend visiting dealerships.