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Ford Shifts Focus to Developing Hybrid Vehicles by 2030, Delaying All-Electric Production
April 5, 2024
Ford has pressed pause on the production of its all-electric large SUV and pickup truck, redirecting its efforts toward introducing hybrid options across its whole North American lineup by 2030.
On Thursday, Ford said investment in its EVs will continue, however, it is pushing back production of the three-row SUV at a plant in Canada to 2027 instead of 2025, which is what it initially set out to accomplish.
This strategic shift from the company’s EV plans comes after the EV industry at large has faced challenges due to high production costs and shrinking demand.
Last year, Ford said it would push back or cancel $12 billion, which it had aimed to spend on new EVs, due to the unsettling shift in the EV landscape.
In the first quarter of this year, Ford came in second in EV sales, following Tesla, which took the top spot. However, in overall sales, Ford held the third position, with Tesla and Hyundai outselling Ford in EVs.
In a statement on Thursday, Jim Farley, CEO of Ford, said, “As the No. 2 EV brand in the U.S. for the past two years, we are committed to scaling a profitable EV business, using capital wisely and bringing to market the right gas, hybrid and fully electric vehicles at the right time.”
The three-row SUV was a part of an investment of approximately $1.3 billion aimed at transforming Ford’s Oakville Assembly Plant in Ontario, Canada, into an electric vehicle hub. This initiative was Ford’s first time completely reconfiguring a North American facility from producing gas-powered vehicles to manufacturing EVs.
In a press release, Ford said, “The additional time will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology, with the goal to provide customers increased durability and better value.”
The company announced its intention to continue pursuing its EV mission through new facilities, such as its “BlueOval City” campus in Tennessee, instead of converting existing facilities that produce engine-powered vehicles into all-electric models at the moment.
Farley said, “Our breakthrough, next-generation EVs will be new from the ground up and fully software enabled, with ever-improving digital experiences and a multitude of potential services.”
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