Ford to shift EVs strategy by building lower-cost pickups and commercial van
21 August 2024, 13:44
The car maker is losing millions on its current EVs.
Ford is changing its electric vehicle plans and now will focus on making two new electric pickup trucks and a new commercial van.
The US company says these vehicles will cost less, have a longer range and are expected to be profitable within a year of reaching showrooms.
Ford, which is losing millions on its current EVs, gave few details about the new products.
It said production of its next generation full-size electric pick-up truck in Tennessee will be delayed by 18 months, until 2027.
The company also says it will not build fully electric three-row SUVs, but instead will focus on making those vehicles as gas-electric hybrids.
The other new pick-up will be mid-sized, based on new underpinnings developed by a small team in California.
The changes will force Ford to write down 400 million dollars (£307 million) of its current assets, and it also expects to have additional expenses of up to 1.5 billion dollars (£1.15 billion).
Ford’s chief financial officer John Lawler said: “We’re committed to creating long-term value by building a competitive and profitable business.”
