Ford delays Tennessee EV plant, cancels three-row electrtic SUV
The Ford company said it intends to reprioritize its efforts in hybrid vehicles over the next few years.
Ford has announced major moves this week that include delaying efforts in its electric vehicle (EV) market and redirecting its resources towards hybrid products. That included delaying the opening of an EV plant in Tennessee and canceling an all-electric three-row SUV project in favor of focusing on a hybrid vehicle in the same class.
The Ford company reported these changes in strategy in a recent investor relations press release detailing its shift in strategy this week. The general direction of the strategy shift prioritizes hybrid products in the short run, while setting the foundation for further EV ventures as far out as 2026 and 2027, as detailed below:
Source: Ford
The press release also addresses the shift in focus from the all EV throw-row SUV to a hybrid model, citing a need to explore cheaper battery technologies and components as it refocuses on hybrid vehicles for the time being:
It’s no secret that Ford’s EV section has struggled to find footing as it develops new electric versions of some of its most popular models. Back in July, Ford reported a -194.8 percent margin for the first half of 2024 on EVs. The Model E EV segment of Ford’s business was also said to have costed the company $4.7 billion in losses throughout 2023.
Clearly, Ford doesn’t feel confident in its ability to deliver in the EV market at this time, but it will remain to be seen if the company can pull back around to positive development in 2026 or 2027 as it plans. Stay tuned as we continue to follow for further updates in our electric vehicles topic.
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replyTJ Denzer posted a new article, Ford delays Tennessee EV plant, cancels three-row electrtic SUV
