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Ford delays production of new electric vehicle amid slowing market — still plans to ‘build a full EV line-up’

Ford announced Thursday that it is delaying production of new electric vehicles as the EV market continues to slump.

The company had planned to unveil a new three-row electric SUV in 2025, but has now announced that production will not begin until 2027. The vehicle will be produced at a factory in Oakville, Ontario.

“Additional time will allow the consumer market for three-row EVs to further develop and allow Ford to take advantage of new battery technologies with the goal of increasing durability and delivering better value to customers. ” the automaker wrote in a recent paper. press release.

Ford President and CEO Jim Farley acknowledged that production delays for new electric vehicles will impact factory workers.

“We value our Canadian teammates and appreciate the impact this delay will have on this great team,” Farley said. “We are fully committed to manufacturing in Canada and believe this decision will help us build a profitable and growing business over the long term.”

Ford has vowed to work with unions to lessen the impact on Oakville workers.

“We are committed to taking care of our valued Oakville employees during this transition period,” said Bev Goodman, president and CEO of Ford Canada.

“While this change requires a revised schedule, it will support a viable and growing future for our company, our employees and our dealers,” Goodman added.

Ford previously said it would debut a new all-electric pickup truck in late 2025. fox business However, the company’s latest press release states that deliveries to customers will begin in 2026. The automaker said production of trucks at its Tennessee plant is “progressing well.”

The news organization reported that Ford is expected to lose $4.7 billion on EVs in 2023 and another $5 billion to $5.5 billion in 2024. Despite the losses, Ford recently reaffirmed its commitment to developing its EV vehicles.

“The company continues to invest in its extensive EV program as we move toward building a full EV lineup. These efforts will help Ford differentiate itself over time while providing customers with the right gas mixture. “Developing hybrid and electric vehicles based on today’s demands will support the development of a profitable EV business,” Ford said Thursday.

The company also announced plans to expand its hybrid EV lineup.

“By the end of the decade, the company expects to offer a hybrid powertrain across the Ford Blue lineup in North America. By the first quarter of 2024, Ford’s electric vehicle sales will have increased by a year earlier. “This was an 86% increase compared to the previous year, and hybrid sales were up 42%,” he added.

“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,” Farley said. said. “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.”

The Biden administration introduced the “strongest-ever” auto emissions standards last month to wean Americans away from gasoline-powered cars.

In response to the new Environmental Protection Agency regulations, Farley said: Says“@EPA’s final rule is ambitious and challenging, and achieving these goals will require close collaboration between the public and private sectors. @Ford offers customers hybrid, plug-in hybrid and all-electric vehicles. We are committed to reducing CO2 emissions while offering real choice.”

The United Auto Workers union, which represents about 57,000 Ford workers, also supported the EPA’s new standards.

“We reject fear-mongering claims that tackling the climate crisis must come at the cost of union jobs. Ambitious and achievable regulations can support both. This rule “We call on the Biden administration to hold automakers accountable so that they are not used as an excuse to cut emissions or jobs overseas,” the UAW said.

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