Ford Motor Co. will slash manufacturing plans for its electrical F-50 Lightning pickup vehicles by about half in 2024, in line with stories late Monday.
CNBC and Automotive News reported Ford
F,
will make a serious strategic shift on account of “changing market demand,” decreasing its deliberate Lightning manufacturing to about 1,600 every week at its Rouge Electric Vehicle Center in Dearborn, Mich., down from current plans to provide 3,300 every week.
A Ford spokesperson stated by way of electronic mail that the corporate would “continue to match Lightning production to customer demand.”
In August, Ford reopened the Rouge facility after a six-week shutdown to broaden the plant and triple its manufacturing capability to 150,000 autos a yr.
U.S. electric-vehicle gross sales have been rising, however not on the similar quick charge as final yr, and automakers have been scaling again on EV spending.
Ford cuts costs for the electrical F-150 by as a lot as 17% in July in an effort to achieve market share.
In October, Ford reported lower-than-expected quarterly earnings, which included an adjusted lack of $1.3 billion for its EV unit, which was wider than Wall Street anticipated. Ford stated that prospects thinking about EVs have been “unwilling” to pay the autos’ premium costs, and the corporate paused billions of long-term funding in EVs on account of that disconnect.
Last month, Ford resumed constructing an EV battery plant in Michigan that had been placed on maintain by the autoworkers’ strike, however scaled again its dimension, decreasing its cell output from sufficient for 400,000 autos a yr to 230,000.
Ford shares have been little modified in after-hours buying and selling Monday. The inventory is down about 5% yr so far, in comparison with the S&P 500’s
SPX
20% acquire in 2023.
Source web site: www.marketwatch.com
