Ford Motor Co. said on Thursday it has begun production of the new generation F-150 pickup truck at its Dearborn, Michigan, facility, and expects the redesigned model to go on sale in November.

The F-150 is Ford's top selling vehicle and, along with other large pickups and commercial vans, generates the bulk of the company's global profit.

Ford also confirmed plans to build an electric version of the F-150, which is expected to come to market by mid-2022.

Ford executives said the battery-electric version of the top selling truck will have a lifetime total cost of ownership that is roughly half that of the current gasoline-powered model. It also will include a large front trunk in place of an engine.

Ford shares (F) were up about 2% at $7.15 in early trading.