Ford to delay all-electric SUV to focus on offering hybrid vehicles across its lineup by 2030
The Detroit automaker said it will continue to invest in EVs, including the three-row SUV, but it is postponing its production to allow the market to mature. feed from cnbc Ford Motor is delaying production of a new all-electric three-row SUV in Canada from 2025 to 2027 as it shifts to offer hybrid options across its North American lineup by 2030. The automaker will continue investing in EVs but will postpone production until 2027 to allow the market to mature more. This is the latest shift in the automotive industry amid slower adoption and high production costs. Last year, Ford announced it would delay or cancel $12 billion in planned spending on new EVs due to shifting market conditions and challenges to profitably building and selling the vehicles. In Q1 2024, Ford's electric vehicle sales increased by 86% from subdued levels a year earlier, while its traditional vehicles with internal combustion engines were up 2.6%.
Published : 4 weeks ago by grace777 in Auto
Ford CEO Jim Farley at a battery lab for the automaker in suburban Detroit, announcing a new $3.5 billion electric vehicle battery plant in the state to produce lithium iron phosphate batteries, Feb. 13, 2023.
DETROIT – Ford Motor is delaying production of a new all-electric three row SUV, as it shifts to offer hybrid options across its entire North American lineup by 2030.
The Detroit automaker on Thursday said it will continue to invest in EVs, but it is postponing production of the large SUV at a plant in Canada from 2025 to 2027 to allow for the market to mature more.
The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high.
Ford last year said it would delay or cancel $12 billion in planned spending on new EVs due to the shifting market conditions as well as challenges to profitably building and selling the vehicles.
“As the No. 2 EV brand in the U.S. for the past two years, 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,” said Jim Farley, Ford president and CEO. “Our breakthrough, next-generation EVs will be new from the ground up and fully software enabled, with ever-improving digital experiences and a multitude of potential services.”
In the first quarter of 2024, Ford’s electric vehicle sales increased by 86% from subdued levels a year earlier. Hybrid sales for the automaker rose 42% year over year, while sales of Ford’s traditional vehicles with internal combustion engines were up 2.6%.
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Topics: Green Energy, Electric Vehicles