In a strategic pivot, Ford Motor Co. announced a shift in its electric vehicle (EV) plans, focusing on the production of two new electric pickup trucks and a commercial van. These vehicles aim to be cost-effective, possess extended ranges, and attain profitability within a year of their market debut. The production of Ford's next-generation full-size electric pickup will be postponed to 2027; the mid-size pickup will launch the same year. Production of the van will commence in Ohio in 2026.
Ford will also abandon its planned fully electric three-row SUV due to high battery costs and opt instead to produce it as a gas-electric hybrid. These changes lead to a $400 million asset write-down and expected additional expenses of up to $1.5 billion. The company will scale back its capital spending on EV development from 40% to 30% of its annual budget. "We're committed to creating long-term value by building a competitive and profitable business," stated CFO John Lawler. The company will unveil further details on its approach at an event next year. (This story was generated by Newser's AI chatbot. Source: the AP)
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