Ford CEO Jim Farley at a battery lab at the automaker in suburban Detroit, announcing a new $3.5 billion electric vehicle battery plant in the state to produce lithium iron phosphate batteries, on February 13, 2023.
Michael Wayland/CNBC
DETROIT – Ford engine is delaying production of a new three-row all-electric vehicle as it now offers hybrid options across its entire North American lineup, the company announced Thursday.
The Detroit automaker said it would continue to invest in electric vehicles, including the three-row SUV, but was delaying production to allow the market to mature.
This shift in electric vehicle plans is the latest for Ford and the auto industry as a whole, as adoption has been slower than expected and production costs remain high.
“As the second-largest electric vehicle brand in the United States for two years, we are committed to growing a profitable electric vehicle business, using capital wisely and bringing to market the right gasoline, hybrid and fully electric vehicles at the right time. said Jim Farley, Ford President and CEO. “Our revolutionary next-generation electric vehicles will be completely new and fully software-enabled, with ever-improving digital experiences and a host of potential services. »
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