Ford has announced a temporary halt to the production of its iconic F-Series trucks from November 18 to January 6. This decision follows the introduction of its F-Series Lightning electric vehicle (EV) model, which debuted in 2021. While Ford initially aimed to expand its EV lineup, financial difficulties have hindered progress. Since early 2024, the company has reported losses on every EV sold, prompting adjustments in its production strategy to balance sales growth and profitability.
EV Production Goals Face Significant Setbacks
Ford’s ambitious EV production goals have encountered major obstacles. A target to manufacture two million EVs annually by 2026 has been postponed indefinitely. Intense competition, especially in the SUV market, has compounded these challenges. According to Ford executives, over 143 new EV models are expected in North America, putting additional pressure on the automaker. Earlier this year, Ford also canceled plans to develop an all-electric three-row SUV due to rising battery costs and increased competition.
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Despite challenges with its EV lineup, the F-Series remains a crucial part of Ford’s success. With over 700,000 units sold in 2023, it has been the best-selling truck in the U.S. for 47 years. However, the Lightning EV version has struggled to resonate with buyers. Price reductions and production adjustments have failed to boost demand, leaving dealership inventories stagnant. Ford’s difficulties in marketing the Lightning highlight the ongoing hurdles in the EV sector.
Financial Losses Weigh on EV Strategy
Ford’s heavy investments in EV technology have led to steep financial losses. The company expects to lose $5 billion on EVs in 2024 alone. In the third quarter, net income dropped by 25%, largely due to a $1 billion investment in EV production. To offset these losses, Ford has increased its focus on hybrid vehicles, which combine gasoline and electric power. However, these efforts have not fully alleviated the financial strain caused by the EV segment.
Ford’s performance contrasts with its competitors. While Ford’s stock has declined by 6.7% this year, General Motors has seen a 47% increase, and Tesla’s stock has risen by 4.7%. Despite attempts to reduce costs, Ford faces higher production expenses than many of its rivals. The increasing competition in the EV market underscores the difficulties Ford must overcome to maintain its position in the evolving automotive industry.
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