Current:Home > BackFord to delay production of new electric pickup and large SUV as US EV sales growth slows-LoTradeCoin
Ford to delay production of new electric pickup and large SUV as US EV sales growth slows
View Date:2024-12-23 23:53:45
DETROIT (AP) — With U.S. electric vehicle sales starting to slow, Ford Motor Co. says it will delay rolling out new electric pickup trucks and a new large electric SUV as it adds gas-electric hybrids to its model lineup.
The Dearborn, Michigan, company said Thursday that a much ballyhooed new electric pickup to be built at a new factory in Tennessee will be delayed by a year until 2026.
The big electric SUV, with three rows of seats, will be delayed by two years until 2027 at the company’s factory in Oakville, Ontario near Toronto.
The retreat comes as U.S. electric vehicle sales growth slowed to 2.7% in the first quarter of the year, far below the 47% increase that fueled record sales and a 7.6% market share last year. Sales of new vehicles overall grew nearly 5%, and the EV market share declined to 7.1%.
Hybrid sales, however, grew 45% from January through March, while plug-in hybrids, which can go a short distance on battery power before a gas-electric system kicks in, grew 34% according to Motorintelligence.com.
Ford also said it “expects to offer” hybrid versions of all its gasoline passenger vehicles by the end of the decade in North America.
Industry analysts say most early technology adopters and people who want to cut emissions have already purchased EVs. Automakers now have to convince skeptical mainstream buyers to go electric, but those customers fear limited range and a lack of charging stations.
Ford expects pretax losses for its electric vehicle unit to widen from $4.7 billion last year to a range of $5 billion to $5.5 billion this year. But it foresees commercial vehicles making $8 billion to $9 billion, up from $7.2 billion last year. Gasoline powered vehicles and hybrids are expected to make $7 billion to $7.5 billion, about even with last year.
veryGood! (26)
Related
- Burger King's 'Million Dollar Whopper' finalists: How to try and vote on your favorite
- Serbia and Kosovo leaders hold long-awaited face-to-face talks as the EU seeks to dial down tensions
- Luxury cruise ship pulled free days after getting stuck off Greenland's coast
- Ex-Jets QB Vinny Testaverde struck with 'bad memories' after watching Aaron Rodgers' injury
- Ranked voting will decide a pivotal congressional race. How does that work?
- Social Security COLA 2024 prediction rises with latest CPI report, inflation data
- Whole families drowned in a Libyan city’s flood. The only warning was the sound of the dams bursting
- California fast food workers to get $20 per hour if minimum wage bill passes
- What is prize money for NBA Cup in-season tournament? Players get boost in 2024
- Bryan Kohberger, suspect in murders of 4 Idaho college students, wants cameras banned from the courtroom
Ranking
- Horoscopes Today, November 9, 2024
- When the dead don't stay buried: The grave situation at cemeteries amid climate change
- Botulism outbreak tied to sardines served in Bordeaux leaves 1 person dead and several hospitalized
- Russia expels 2 US diplomats, accusing them of ‘illegal activity’
- Is Veterans Day a federal holiday? Here's what to know for November 11
- Scotland player out of Rugby World Cup after slipping on stairs. Not the sport’s first weird injury
- Fire at paper mill property in northern Michigan closes roads, prompts warning to avoid area
- New TV shows take on the hazard of Working While Black
Recommendation
-
'Joker 2' actor pans DC sequel as the 'worst film' ever: 'It has no plot'
-
Jonas Brothers, Friendly's launch new ice cream dishes: The Joe, Nick and Kevin Sundaes
-
UAW strike could cost US economy billions. Could it also push the nation into a recession?
-
Analysis: Iran-US prisoner swap for billions reveals familiar limits of diplomacy between nations
-
DWTS' Sasha Farber Claps Back at Diss From Jenn Tran's Ex Devin Strader
-
The Ultimatum’s Madlyn Ballatori Gives Birth, Welcomes Baby No. 2 With Colby Kissinger
-
Suriname prepares for its first offshore oil project that is expected to ease deep poverty
-
Judge blocks New Mexico governor's suspension of carrying firearms in public