In a statement, Ford Motor Co said, it has commenced production of its new F-150 pickup truck at its Dearborn, Michigan, facility. It expects the F-150 to go on sale this November.

The new F-150 launch is “on time and on track,” said Ford’s incoming CEO Jim Farley.

With the news reaching the market, Ford’s shares were up by 2.3% in early trading.

The F-150 model is Ford’s top selling vehicle. Along with other large pickups and commercial vans, it generates the bulk of its revenues.

Ford has confirmed that it plans on building an electric version of the F-150, which is expected to reach the market by mid-2022.

Ford executives disclosed, the battery version of its top selling truck will have a lifetime total cost of ownership which is around 50% of the cost of the current gasoline-powered model. Also, it will feature a large front trunk in place of an engine.

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