Ford is set to significantly expand production of the Ford Lightning SUV EV, as demand increases across the globe.

The company is also reducing the cost of the model, including the baseline Pro model, which now costs US$49,995.

The model is also set to face competition from Tesla’s Cybertruck which is now rolling off production lines.

Ford will be boosting capacity to make over 150,000 Ford Lightning trucks per year, reports said.

The motor company tells CleanTechnica it is experiencing strong demand and falling costs of production.

“We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning,” Marin Gjaja, chief customer officer for Ford, said in a statement.

The EVs are also eligible for around US$7,500 in tax credits for new buyers, part of the Biden Administration’s efforts to increase electric vehicles on US roads.

Drivers of Ford EVs will also get access to Tesltas Supercharger network from 2024.