Ford is canceling some electric vehicles while confirming others.
Growing demand for hybrids and increased price pressure in the electric vehicle segment has led to Ford shifting its electrification plans.that was originally promised for launch in 2025 with up to 350 miles of range. It said it already invested $400 million in the project, and that the final cost of its shifted product plan could reach up to $1.5 billion. The automaker also said it was reducing its investment in EVs from a current 40% of annual capital expenditures to 30%.
In place of the electric three-row SUV, Ford said it will focus on a new family of three-row SUVs with hybrid technology. The automaker alsofor its next-generation F-Series Super Duty pickup, which the automaker said would offer a range of propulsion options. Ford said hybrid technology makes sense for its biggest vehicles, as battery costs in those segments remain challenging.
The automaker is still committed to EVs and announced a new low-cost EV platform that will underpin multiple vehicles, including in both passenger and commercial segments. The first vehicle on the platform will be a mid-size pickup truck due in 2027.Also due in 2027 will be Ford's much-hyped successor to the F-150 Lightning.
An update on Ford's electrification plans will be provided in the first half of 2025, the automaker said.
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