Detroit, Michigan – Ford has once again announced changes to its electric vehicle strategy, this time revealing plans to make two EV pickups and a new commercial van.
The OEM said it would cancel the upcoming planned release of a three-row electric SUV and will instead pursue a hybrid version for its next-gen large SUVs.
“This is us being nimble and listening to responses from our customers,” said Ford Vice Chairman and CFO John Lawler during a call with reporters earlier this week. “Hybrid tech for those customers is the best solution.”
The automaker’s new plan will facilitate a special non-cash charge of US$400 million for the write-down of certain product-specific manufacturing assets for a previously planned all-electric three-row SUV.
The SUV was intended to be built at Ford’s Oakville, Ont. plant. Lawlor also mentioned growing competition in the zero-emissions SUV space as part of the reason for cancelling the planned models. Kia has the EV9; Hyundai will soon launch the Ioniq 9 and Toyota is introducing a three-row battery-electric vehicle in 2024.
Ford also announced an 18-month delay on its next-gen electric pickup truck, which will now start product in 2027 instead of at the outset of 2025 as originally planned.
As of Wednesday at 3 p.m. ET, shares of Ford traded at US$10.86, up 4.67 percent over the last five days and down 10.65 percent year-to-date.
