Barron’s senior writer Al Root discusses key themes from the New York International Auto Show on Barron’s Roundtable.
As demand for EVs continues to decline, Ford Motor Co. is putting the brakes on production of two upcoming electric vehicle models.
Ford announced in Thursday’s manufacturing update that it is postponing the planned start of production of three-row seats. electric SUV The assembly plant in Oakville, Ontario will operate from 2025 to 2027.
Ford corporate logo at the Brussels Motor Show, Belgium, January 9, 2020. (Reuters/François Renoir/Reuters Photo)
The company said the two-year delay in launching the new SUV “will further develop the consumer market for three-row EVs and allow Ford to take advantage of new battery technologies.”
Traffic safety investigation begins into ‘self-driving’ electric Ford Mustang behind fatal crash in Texas
Ford also said an all-new electric pickup truck built at its factories will be delivered to customers. tennessee factory After saying last year that production of the trucks would begin in late 2025, it plans to start in 2026 and “increase production in stages to ensure quality.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| F | ford motor corporation | 13.35 | -0.32 | -2.36% |
Ford lost about $4.7 billion on EVs last year and projects losses in the range of $5 billion to $5.5 billion this year.
Ford’s profits are eaten up by EVS
CEO Jim Farley said during the company’s last earnings call in February that Ford’s goal for next-generation EVs is to be profitable within 12 months of launch, and that these He said it will reduce the cost of manufacturing larger EVs by focusing the model on: These are regions and product segments where we have an overwhelming advantage, such as trucks and vans. ”
Ford CEO Jim Farley pats a Ford F-150 Lightning electric truck before a press conference on February 13, 2023 in Romulus, Michigan. (Bill Priano/Getty Images/Getty Images)
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“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. he said in a statement Thursday.
FOX Business’ Eric Revell and Reuters contributed to this report.
