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Ford to Delay All-Electric SUVs to Focus on Hybrids

Ford to Delay All-Electric SUVs to Focus on Hybrids
(AP)

Thursday, 04 April 2024 11:10 AM EDT

Ford Motor said Thursday it had delayed the planned launches of three-row EVs in Canada and its next-generation electric pickup truck built in Tennessee as the slowdown in EV demand globally forces automakers to revise production plans.

Ford said separately it was boosting hybrid electric vehicle offerings and by 2030 expects to offer hybrid powertrains across its lineup of gas-powered vehicles.

"We are committed to scaling a profitable EV business, using capital wisely and bringing to market the right gas, hybrid and fully electric vehicles at the right time," Ford CEO Jim Farley said.

Ford, which lost nearly $4.7 billion on its EV business in 2023 and projected it will lose $5 billion to $5.5 billion this year, said in February the next generation of EVs will be launched "only when they can be profitable."

Ford shares were up 1.4% in midday trading.

The Dearborn, Michigan-based automaker said it would push back the launch of the new large EV SUV it will build at its assembly complex in Oakville, Ontario to 2027 from 2025 to "allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology." Separately, Ford said it will delay deliveries of an all-new EV truck it will build at a new plant in western Tennessee until 2026. Ford said last year it planned to begin production in late 2025 and build up to 500,000 electric trucks annually at the plant.

Ford said it plans to begin customer deliveries of the new truck in 2026 and gradually ramp up production to help assure quality.

Ford Chief Financial Office John Lawler told investors last year the automaker would delay some of its planned multibillion-dollar investment in new EV and battery production capacity.

The U.S. Environmental Protection Agency last month softened EV requirements starting in 2027 from its initial proposal and further incentivized plug-in hybrid vehicles.

During contract bargaining in 2020 with Canada's Unifor union, Ford promised to invest $1.8 billion and retool the Ontario plant to make EVs. Ford on Thursday said the overhaul of the Oakville assembly plant is set to begin by June 30 as planned.

Unifor President Lana Payne said it was "extremely disappointed by the company’s decision" impacting 3,200 workers and noted that Ford Edge SUV production at Oakville is scheduled to end in about a month.

General Motors said in October it would delay production of electric pickup trucks at its plant in Michigan's Orion Township by a year.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Ford Motor said Thursday it had delayed the planned launches of three-row EVs in Canada and its next-generation electric pickup truck built in Tennessee as the slowdown in EV demand globally forces automakers to revise production plans.
ford, ev, delay
415
2024-10-04
Thursday, 04 April 2024 11:10 AM
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