OAN’s James Myers
8:00 a.m. – Thursday, April 4, 2024
Ford Motor Co. has announced that it will postpone production of a three-row electric vehicle planned for Canada and a next-generation pickup truck in Tennessee.
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In a separate announcement, Ford said it plans to ramp up sales of hybrid electric vehicles and offer hybrid powertrains across its gasoline-powered vehicle lineup by 2030.
“We are committed to using our capital wisely to bring the right gasoline, hybrid and all-electric vehicles to market at the right time to build a profitable EV business,” said Ford CEO Jim Farley. We are working hard to expand.”
Additionally, the Detroit automaker announced Thursday that it will continue to invest in EVs but will postpone production of large SUVs at its Canadian factory from 2025 to 2027 to allow for further market growth.
The announcement also comes after Ford announced last year that it would halt up to $12 billion in planned spending on new electric vehicles, citing market conditions and struggles to sell vehicles and build profits.
“As the No. 2 EV brand in the U.S. for the past two years, we are committed to using our capital wisely to bring the right gasoline, hybrid, and all-electric vehicles to market at the right time to grow our profitable EV business. “We are committed to expanding our business,” he said. Jim Farley, Ford President and CEO. “Our ground-breaking next-generation EV is new from the ground up and fully software-enabled, with an ever-improving digital experience and a host of potential services.”
Additionally, Ford said it will lose about $4.7 billion on its EV business in 2023 and will only launch new EV models “if it is profitable.” Shares rose 1.8% in pre-market trading on the news.
The company also said in a separate statement that production of the new EV truck has been delayed until 2026 and will be built at a new plant in Tennessee.
Ford’s electric vehicle sales rose 86% in the first quarter of this year from low levels in the same period last year. Hybrid sales also increased 42% year over year, while Ford’s conventional vehicle sales increased 2.6%.
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