Ford Motor Co. on Thursday postponed plans to launch a three-row electric vehicle in Canada and a next-generation electric pickup truck in Tennessee, as a slowdown in global EV demand is forcing automakers to revise production plans. announced.
Separately, Ford said it is ramping up sales of hybrid electric vehicles and plans to 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 Jim Farley, Ford CEO. We are committed to expanding.”
Ford, which lost nearly $4.7 billion on its EV business in 2023, said in February that it would only release next-generation EVs “if it is profitable.” The stock closed 3.2% lower at $13.21.
The Dearborn automaker announced that it will postpone the release of its new large electric SUV, which will be manufactured at its Oakville, Ontario assembly plant, from 2025 to 2027. This is to “enable the further development of the consumer market for three-row EVs and their practical use.” Ford intends to take advantage of new battery technology. ”
Separately, Ford announced that it is delaying deliveries of an all-new electric truck produced at a new plant in west Tennessee until 2026. Ford said last year it plans to build up to 500,000 electric trucks at the plant, with production starting in late 2025. plant.
Ford plans to begin delivering the new trucks to customers in 2026 and ramp up production in stages to ensure quality.
Ford Chief Financial Officer John Lawler told investors last year that the company was delaying some of its planned multibillion-dollar investments in new electric vehicles and battery production capacity.
The announcement comes just two weeks after the Environmental Protection Agency loosened EV requirements starting in 2027 and further encouraged plug-in hybrid vehicles than originally proposed.
In its 2020 contract negotiations with Canada’s Unifor union, Ford committed to investing $1.8 billion to renovate its Ontario factory for EV production. Ford announced Thursday that a complete renovation of its Oakville assembly plant is scheduled to begin as planned by June 30.
Unifor President Lana Payne said she is “very disappointed in the company’s decision” that affected 3,200 employees and plans to end production of the Ford Edge SUV in Oakville in about a month. he pointed out.
General Motors announced in October that it would delay production of electric pickup trucks at its plant in Orion Township, Michigan, by a year.
