Ford Motor Co's (F.N) newly revealed electric version of its best-selling F-150 pickup doubles down on a bet that the company can beat Tesla Inc (TSLA.O) and other rivals by giving new technology a familiar face and convincing long-time fleet and business customers that going electric saves money.

Ford officially unveiled the battery electric F-150 Lightning model on Wednesday evening, after giving it a cameo appearance during President Joe Biden's visit on Tuesday to the Rouge manufacturing complex in Dearborn, Michigan, where the trucks will be assembled beginning next year.

Based on customer response, Ford has already moved to increase planned manufacturing capacity for the electric F-150 by "tens of thousands" of vehicles a year, Ford's head of Americas and International Markets, Kumar Galhotra, told Reuters ahead of Wednesday's official debut. He did not disclose the new production targets.

Ford expects to boost annual production of the electric F-150 to 40,000 vehicles or more, starting in 2023, according to Sam Fiorani, head of global vehicle forecasting at AutoForecast Solutions.