Ford scraps plans for electric SUV

[seminole97]

Ford previously pushed back the project only to cancel it amid stiff price competition as electric vehicle manufacturers struggle to move their product

Ford Motor announced Wedneday it has scrapped plans for a large electric SUV.

The reversal will reportedly result in $1.9 billion in write-downs and special charges.

Ford's course change comes amid lower-than-expected demand for electric vehicles, The Wall Street Journal reported.

This spring, Ford, a major U.S. automaker, delayed plans for the electric SUV to 2027. Ford blamed the cancellation on pricing pressuring as other automakers use aggressive discounts to move electric vehicles.

Ford has another electric vehicle project for a pickup truck, which the company recently pushed back to 2027.
"Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions," Ford chief financial officer John Lawler said.

 

[An Iowa fan]

I was half paying attention but I thought I heard on CNBC Ford has been losing $44,000 per electric vehicle sold.

 

[doughuddl2]

 

[Brian_Fantana]

I was half paying attention but I thought I heard on CNBC Ford has been losing $44,000 per electric vehicle sold.

I’ve seen #s vary from $40k-$130k per vehicle. $100k per seems to be the most reported # though. This article is a few months old, but that sounds crazy.

Ford losing $100,000 per every electric vehicle: Report

Ford Motor Co faces losses from electric vehicles, cutting orders and fast-tracking small EVs to compete with Tesla. CEO Jim Farley acknowledges challenges. Tesla, Elon Musk, and CFO John Lawler's comments on pricing pressure and EV costs are key. Ford focuses on hybrids, delays launches, and...

m.economictimes.com