Ford is pausing production of its F-150 Lightning electric pickup truck for seven weeks and cutting manager bonuses, indicating significant challenges within its electric vehicle strategy.
'We are focused on lowering our costs, improving our quality and making Ford a higher growth, higher margin, more capital efficient and more resilient business,' said a Ford spokesperson.
Ford's electric vehicle division lost $1.2 billion in the third quarter, prompting it to reduce EV spending from 40% to 30% of capital expenditures.
The company also revised its full-year earnings outlook to about $10 billion after the financial impact of warranty issues and market changes.
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