A guest examines the 2020 Ford Escape FWD Titanium Hybrid Small SUV at the Canadian International Auto Show in Toronto, Ontario, Canada, February 18, 2020.
Chris Helgren | Reuters
DETROIT – Ford engine is delaying production of its recent all-electric large SUV and pickup truck because it begins offering hybrid options across its entire North American vehicle lineup by 2030.
Automaker from Detroit on Thursday he said will proceed to speculate in electric vehicles, but is postponing production of the three-row SUV at its Canadian plant until 2027 from its original 2025 plan. The next-generation pickup truck, codenamed “T3,” will be pushed back from late 2025 to 2026.
The shift in electric vehicle plans is the latest for Ford and the auto industry as a complete as rollout is slower than many expected and production costs remain high.
Last yr, Ford said it will delay or cancel $12 billion in planned spending on recent electric vehicles attributable to changing market conditions in addition to challenges in profitably producing and selling the vehicles.
The Ford brand ranked second in electric vehicle sales in the first quarter of this yr, behind Tesla, but the Detroit automaker as an organization ranked third. Both Tesla and Hyundaiincluding Kia and Genesis, have overtaken Ford in electric vehicles.
“As the No. 2 electric vehicle brand in the U.S. for two years, we are committed to scaling a profitable electric vehicle business by deploying capital wisely and bringing the right gas, hybrid and fully electric vehicles to market at the right time,” Ford CEO Jim Farley said in Thursday in an announcement.
The Ford brand ranked second in terms of sales of electric vehicles Tesla but the Detroit automaker as an organization ranked third in electric vehicle sales in the first quarter or this yr. Both Tesla and Hyundai, including the Kia and Genesis brands, have overtaken Ford in electric vehicle sales.
The three-row SUV was part of an roughly $1.3 billion investment to rework Ford’s plant in Oakville, Ontario, Canada, right into a recent electric vehicle hub. It was to be the first time a North American gas-powered vehicle plant was completely converted to an electric vehicle factory.
“The additional time will enable further growth of the consumer market for three-row electric vehicles and enable Ford to leverage emerging battery technology to provide customers with greater durability and better value,” the company said in release.
Ford said it will proceed to focus its electric vehicle efforts on recent plants like its own Instead of converting current facilities that produce engine-powered vehicles to all-electric models, the “BlueOval City” campus in Tennessee.
“Our groundbreaking next-generation electric vehicles will be new from the ground up and fully software-enabled, offering increasingly better digital experiences and a host of potential services,” Farley said.
Ford stock over the last five years
The automaker said production of Ford’s next-generation all-electric truck will begin in 2026 somewhat than 2025 at its massive Tennessee plant, part of an $11.4 billion investment announced in 2021.
Ford said it is constant to construct battery plants in Michigan, Tennessee and Kentucky.
In the first quarter of 2024, Ford’s electric vehicle sales were up 86% from a low a yr earlier. Sales of the automaker’s hybrid vehicles increased 42% yr over yr, while sales of Ford’s traditional combustion engine vehicles increased 2.6%.
Ford’s “Model e” electric vehicle division lost $4.7 billion in 2023, including $1.57 billion in the fourth quarter. In February, the automaker said it expected losses for the unit in 2024 of $5 billion to $5.5 billion.
Credit : www.cnbc.com
