STORY: Ford announced more cost cutting measures on Wednesday, as its EV unit continues to bleed.
It’s now scrapping plans for a three-row electric SUV, and pushing back a new electric version of the F-150, its best-selling pickup.
Consumer concerns around pricing and charging infrastructure have slowed demand for EVs, prompting several automakers, including GM and Tesla, to delay or cancel new models, or slash prices.
Ford’s near-term strategy will now shift to a focus on hybrids.
The company will also double down on areas where it currently remains strong: pickup trucks and commercial vehicles.
But EVs are still a long-term goal.
Ford says its Ohio plant will start production on an electric commercial van in 2026.
CEO Jim Farley has also said he’s staking the company’s future on a specialized team in California that’s been developing an architecture for affordable EVs.
The first vehicle based on that new technology will be a mid-size electric pickup released in 2027.
