Ford Pulls Back Its Electric Vehicle Push

Global automaker Ford declared that it was modifying its electric vehicle (EV) strategy in the face of inconsistent sales and significant losses. It will launch a midsized truck—not a compact truck or crossover—on its upcoming new electric vehicle platform.
Despite the brand spending $400 million on the vehicle's development, the three-row electric SUV built in Canada that was initially scheduled for release this year is no longer in production.
Originally scheduled for 2025, the Ford F-150 Lightning's replacement won't occur until 2027.

Additionally, Ford reorganized its US battery sourcing strategy to cut expenses, maximize capacity utilization, and facilitate the production of electric vehicles both now and in the future.
In order to be eligible for the Advanced Manufacturing Tax Credit, some battery production will be transferred from Poland to the US. Ford also revealed that it will be using hybrid technology in its upcoming three-row SUVs.

The EV market has undergone significant change in the last year, with well-known EV brands like Tesla repeatedly cutting prices due to waning demand. These price reductions coincide with some manufacturers suffering significant losses on each EV sold.

For instance, it was revealed last year that Rivian lost more than $30,000 on each electric truck it sold. Conversely, Ford is said to lose $50,000 for each electric vehicle it sells.
After initially showing enthusiasm for electric vehicles, some consumers have moved away from them over the last year due to concerns about higher prices and charging difficulties. Some of those hesitant buyers have switched to hybrid models.