Ford has decided to cancel its upcoming three-row all-electric SUV, shifting its focus to hybrid models due to rising costs and pricing pressures.
"Today's electric vehicle consumers are more cost-conscious than early adopters, looking to electric vehicles as a practical way to save money on fuel and maintenance, as well as time by charging at home," Ford stated.
John Lawler, Ford's CFO, noted that the company could not produce a profitable all-electric vehicle given current market conditions, leading them to prioritize hybrids.
Despite halting plans for a new electric SUV, Ford is still committed to future EVs, even as it trims its capital spending by 10%.
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