Ford Becomes Latest Automaker to Scale Back EV Production

August 23, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--As the U.S. electric vehicle (EV) market continues to face challenges, Ford Motor Company (NYSE:F) (Dearborn, Michigan) said Monday it plans to delay production at an EV assembly plant under construction, halt production of a new electric SUV, and slash its annual mix of capital expenditures devoted to EVs from 40% to 30%.

"The industry overbuilt the battery plants globally so that aspect is slowing down, the consumers are not buying into the EV shift in the U.S. and sales are not improving dramatically," said Dave Pickering, Industrial Info's vice president of research for the Industrial Manufacturing Industry.