financetom
Business
financetom
/
Business
/
Ford delays some North American electric SUV, truck production
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ford delays some North American electric SUV, truck production
Apr 4, 2024 6:36 AM

WASHINGTON, April 4 (Reuters) - Ford Motor ( F ) said

Thursday it had delayed the planned launches of three-row EVs in

Canada and its next-generation electric pickup truck in

Tennessee as the slowdown in EV demand globally forces

automakers to revise production plans.

Ford said separately it was boosting hybrid electric vehicle

offerings and by 2030 expects to offer hybrid powertrains across

its lineup of gas-powered vehicles.

"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," Ford CEO Jim Farley

said.

Ford, which lost nearly $4.7 billion on its EV business in

2023, said in February the next generation of EVs will be

launched "only when they can be profitable." Shares were up 1.8%

in premarket trading on the news.

The Dearborn automaker said it would push back the launch of

the new large EV SUV that it will build at its assembly complex

in Oakville, Ontario to 2027 from 2025 to "will allow for the

consumer market for three-row EVs to further develop and enable

Ford to take advantage of emerging battery technology."

Separately, Ford said it will delay deliveries of an all-new

EV truck it will build at a new plant in western Tennessee until

2026. Ford said last year it planned to begin production in late

2025 and build up to 500,000 electric trucks annually at the

plant.

Ford plans to begin customer deliveries of the new truck in

2026 and gradually ramp up production to help assure quality.

Ford Chief Financial Office John Lawler told investors last

year Ford would delay some of its planned multibillion-dollar

investment in new EV and battery production capacity.

The announcement comes just two weeks after the

Environmental Protection Agency softened EV requirements

starting in 2027 over its initial proposal and further

incentivized plug-in hybrid vehicles.

Ford had promised to retool the Ontario plant to make EVs

during contract bargaining in 2020 with Canada's Unifor union.

Ford said Thursday the overhaul of the Oakville assembly plant

is set to begin in the second quarter of this year as planned.

General Motors ( GM ) said in October it would delay

production of electric pickup trucks at its plant in Michigan's

Orion Township by a year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved