Why did Ford cut EV F-150 truck plans? | News Nation Now
In recent news, Ford Motor Co. has made a significant decision regarding its highly anticipated F-150 Lightning electric truck. Despite initial excitement, the demand for this EV truck fell short of Ford’s expectations, prompting the company to cut its production in half starting in 2024. Only 20,365 units of the F-150 Lightning were reported sold through November this year, representing a 54% increase from 2022. However, it appears that the electric vehicle market is facing some challenges.
In response to slowing electric vehicle sales growth, Ford is reducing production and scaling back its factory size, resulting in fewer planned jobs. Additionally, the construction of a Michigan electric vehicle battery plant has been delayed due to labor disputes. This decision comes at a time when the overall electric vehicle industry has seen significant investment, with more than $92 billion committed since the signing of the Infrastructure Investment and Jobs Act.
Despite these investments, the trend in 2023 suggests that hybrid electric vehicles (HEVs) are gaining traction over pure electric vehicles (EVs). HEVs accounted for 8.3% of US car sales, a 2.8% increase compared to the previous year, while EVs made up 6.9% of US car sales, with a 1.7% increase year-over-year. This shift raises questions about the future of the electric vehicle market and what consumers are looking for in their vehicles……….
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Rising Dough
Given the recent developments in the electric vehicle industry and the preference for HEVs over pure EVs in the market, what factors do you think are driving this trend, and how might it impact the strategies of automakers, investors, and the broader economy?
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