Detroit – Ford Motor Company The company said on Wednesday it would delay production of its next-generation all-electric pickup truck at a new plant in Tennessee and cancel plans to build a three-row electric SUV.
Instead, Ford said it would prioritize developing hybrid models as well as electric commercial vehicles such as New electric commercial vehicles Two electric pickup trucks are expected to be launched in 2026, followed by two more in 2027.
The pickups are expected to be a full-size truck to be built in 2027 at a Tennessee plant currently under construction, while a new midsize truck is being developed by a company. Dedicated “Skunk Works” team In California.
“As we know in the market, we’ve seen where there’s traction, and we’re going to focus on where we have a competitive advantage, which is commercial,” Ford Chief Financial Officer John Lawler said Wednesday. Land trucks and SUVs.
Lawler, who is also the automaker’s vice chairman, said the actions are aimed at better delivering a capital-efficient, profitable electric vehicle business. But in the short term, they will cost the company.
Ford said it would incur Special non-cash charges About $400 million was used for writedowns of certain product-specific manufacturing assets, including the cancellation of three-row SUVs.
The Ford Mustang Mach-E and F-150 Lightning are on display at the New York International Auto Show on March 28, 2024.
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The changes could also result in additional expenses and a cash outlay of up to $1.5 billion, the company said. Ford will reflect these charges as a special item in the quarter in which they are incurred.
Lawler said the company’s future capital spending plans will shift from about 40% spending to 30% all-electric vehicles. He gave no timetable for changes.
The vehicle was produced in New $5.6 billion factory site in Tennessee It was initially expected to begin next year. The company said it still expects to start battery production at the plant in 2025.
These changes are the latest for Ford and come after Electric vehicle adoption slower than expected and the inability of automakers to produce vehicles profitably.
The new plan comes about five months after Ford said This will delay production A three-row SUV and next-generation pickup truck codenamed “T3”.
“It really comes down to our flexibility and listening to our customers,” Lawler said on a conference call Wednesday morning. “We’ve been in the electric vehicle market for over two years and we’ve learned a lot and we’ve learned that our customers More electrification options are needed.”
The rollout of Ford’s next generation of electric vehicles will begin with a commercial van that will be assembled at Ford’s Ohio assembly plant beginning in 2026, according to the company.
The automaker has previously said it would not launch a car without a clear path to profitability within the first year. It’s a shift from selling electric vehicles at a loss to growing share and helping meet fuel and emissions standards.
Ford said it will continue to build and update existing all-electric vehicles, such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.
The company said it plans to provide investors with “updates on electrification, technology, profitability and capital requirements” in the first half of 2025.
