"We are committed to innovating in America, creating jobs, and delivering incredible new electric and hybrid vehicles that make a real difference in CO2 reduction," said Ford president and CEO Jim Farley in a statement.
Despite the F-150's success, the company has been losing money on every EV sold. Other factors are adding pressure to profits, including an influx of new EV options hitting the market and the affordability of Chinese competitors around the world.
To bolster its profits, the auto manufacturer is no longer planning to produce all-electric three-row SUVs. Instead, its next three-row SUV will be a hybrid.
Ford hybrid sales increased 34% in the second quarter of 2024, compared to the previous year. Ford now plans to scale back its annual capital expenditures dedicated to fully electric vehicles, from 40% to 30%.
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