Ford postpones all-electric SUV to focus on hybrid vehicles
On February 13, 2023, at the automaker's Battery Lab in suburban Detroit, Ford CEO Jim Farley announced a $3.5 billion electric vehicle battery factory in the state to produce lithium iron phosphate batteries. It was announced that a new facility would be established.
Michael Weiland/CNBC
Detroit – ford motor is delaying production of new all-electric large SUVs and pickup trucks as it moves toward offering hybrid options across its North American lineup by 2030.
car manufacturers in detroit said on thursday The company will continue to invest in EVs, but will postpone production of three-row SUVs at its Canadian factory from 2025 to 2027 to allow the market to mature further. Pick-up is scheduled to be delayed from late 2025 to 2026.
The transition to EV plans is the latest for Ford and the auto industry as a whole, and its implementation is progressing. slower than many expected And production costs remain high.
Ford said last year it would $12 billion postponed or canceled Changes in market conditions and the challenge of manufacturing and selling vehicles profitably are reducing planned spending on new electric vehicles. It was not immediately clear whether new delays were part of those plans.
“As America's No. 2 EV brand for the past two years, we're committed to using our capital wisely to bring the right gasoline, hybrid and all-electric vehicles to market at the right time to deliver profitable, We are committed to expanding our EV business.” CEO Jim Farley said in a statement Thursday.
The 3-row SUV is Approximately $1.3 billion investment Ford's Oakville Assembly Plant in Ontario, Canada will transition to a new electric vehicle hub. It would have been Ford's first time to completely renovate a North American gasoline car manufacturing facility to an EV manufacturing facility.
“Additional time will allow the consumer market for three-row EVs to further develop and allow Ford to take advantage of new battery technology, with the goal of providing customers with increased durability and better value.” “This will happen,” the company said. In release.
Ford continues its EV initiatives. The BlueOval City campus in Tennessee will replace its current facility, which produces engine-powered vehicles, with an all-electric model.
“Our ground-breaking next-generation EV is new from the ground up, fully software-enabled, with an ever-improving digital experience and a host of potential services,” Farley said.
The automaker has a large facility in Tennessee. $11.4 billion investment Production of Ford's next-generation all-electric truck (codenamed T3), announced in 2021, is scheduled to begin in 2026 instead of 2025.
Ford announced it is continuing construction of battery factories in Michigan, Tennessee and Kentucky.
In the first quarter of 2024, Ford's electric vehicle sales increased 86% from depressed levels in the same period last year. Sales of Ford's hybrid vehicles increased 42% year over year, while sales of Ford's conventional vehicles with internal combustion engines increased 2.6%.
Ford's Model E electric vehicle business posted a loss of $4.7 billion in 2023, including $1.57 billion in the fourth quarter. The company announced in February that it expected the division to incur losses of $5 billion to $5.5 billion in 2024.
Summarize this content to 100 words On February 13, 2023, at the automaker's Battery Lab in suburban Detroit, Ford CEO Jim Farley announced a $3.5 billion electric vehicle battery factory in the state to produce lithium iron phosphate batteries. It was announced that a new facility would be established.Michael Weiland/CNBCDetroit – ford motor is delaying production of new all-electric large SUVs and pickup trucks as it moves toward offering hybrid options across its North American lineup by 2030.car manufacturers in detroit said on thursday The company will continue to invest in EVs, but will postpone production of three-row SUVs at its Canadian factory from 2025 to 2027 to allow the market to mature further. Pick-up is scheduled to be delayed from late 2025 to 2026.The transition to EV plans is the latest for Ford and the auto industry as a whole, and its implementation is progressing. slower than many expected And production costs remain high.Ford said last year it would $12 billion postponed or canceled Changes in market conditions and the challenge of manufacturing and selling vehicles profitably are reducing planned spending on new electric vehicles. It was not immediately clear whether new delays were part of those plans.”As America's No. 2 EV brand for the past two years, we're committed to using our capital wisely to bring the right gasoline, hybrid and all-electric vehicles to market at the right time to deliver profitable, We are committed to expanding our EV business.” CEO Jim Farley said in a statement Thursday.The 3-row SUV is Approximately $1.3 billion investment Ford's Oakville Assembly Plant in Ontario, Canada will transition to a new electric vehicle hub. It would have been Ford's first time to completely renovate a North American gasoline car manufacturing facility to an EV manufacturing facility.“Additional time will allow the consumer market for three-row EVs to further develop and allow Ford to take advantage of new battery technology, with the goal of providing customers with increased durability and better value.” “This will happen,” the company said. In release.Ford continues its EV initiatives. The BlueOval City campus in Tennessee will replace its current facility, which produces engine-powered vehicles, with an all-electric model.“Our ground-breaking next-generation EV is new from the ground up, fully software-enabled, with an ever-improving digital experience and a host of potential services,” Farley said.The automaker has a large facility in Tennessee. $11.4 billion investment Production of Ford's next-generation all-electric truck (codenamed T3), announced in 2021, is scheduled to begin in 2026 instead of 2025.Ford announced it is continuing construction of battery factories in Michigan, Tennessee and Kentucky.In the first quarter of 2024, Ford's electric vehicle sales increased 86% from depressed levels in the same period last year. Sales of Ford's hybrid vehicles increased 42% year over year, while sales of Ford's conventional vehicles with internal combustion engines increased 2.6%.Ford's Model E electric vehicle business posted a loss of $4.7 billion in 2023, including $1.57 billion in the fourth quarter. The company announced in February that it expected the division to incur losses of $5 billion to $5.5 billion in 2024.Don't miss the next story from CNBC PRO.
https://www.cnbc.com/2024/04/04/ford-to-delay-all-electric-suv-to-focus-on-hybrid-vehicles.html Ford postpones all-electric SUV to focus on hybrid vehicles
