"Farley warned in September the end of the tax credit would throttle EV demand, cutting sales to 5% of total auto volume from roughly 10% to 12% at the time. Earlier this month, the automaker reported it sold 164,925 vehicles in November, a 0.9% year-over-year decline, with EV sales tumbling 61% to 4,247. With $3.6 billion in losses in the first three quarters of this year alone, Ford's Model E division has lost more than $13 billion in less than three years."
"Ford's search for finding profitability for its electric vehicles continues. The Dearborn, Michigan-based automaker will make a series of changes to its line of vehicles and production facilities to focus on producing affordable vehicles that better align with customer desires, it announced Monday. The company will also scrap production of certain larger EVs-including the F-150 Lightning, which it will retool as an electric vehicle with a gas-powered generator-as well as redouble development of smaller, lower-cost cars, including a midsize pickup truck in 2027."
Ford will restructure vehicle lineup and production to prioritize affordable, smaller electric vehicles, hybrids, and gas models to improve profitability. Production of certain larger EVs will be halted, with the F-150 Lightning to be retooled as an electric vehicle with a gas-powered generator, and development of smaller, lower-cost cars and a midsize pickup for 2027 will be accelerated. Capital will be redeployed into higher-return areas such as Ford Pro, market-leading trucks and vans, hybrids, and a new battery energy storage business. Falling EV demand after the federal tax credit ended, persistent battery costs, and affordability pressures have driven steep Model E losses.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]