Ford Motor Co. has reduced production of its EV F-150 Lightning pickup truck due to decreased demand, cutting the order from 3,200 to 1,600 units per week.
The company cited business reasons and mounting losses on EVs for this decision.
Despite the recent strong sales, Ford is also scaling back production expectations for its Mustang Mach-E model and delaying its investment in a new battery plant. (Trending: Here Are The Most Disturbing Ways Hunter Biden Spent His Millions)
According to Automotive News, a memo circulated at Ford saying the EV production cuts are due to “changing market demand.”
In response, a Ford spokesman only said that the company would “continue to match production with customer demand.”
CNBC reported that “Ford has sold more than 20,000 F-150 Lightnings this year, up 54% from last year.”
Despite those sales and a $9 billion loan from the Biden Administration, Ford continued to struggle.
It was also reported that, “Ford has projected it will lose $4.5 billion on EVs this year, and the motor company said it lost around $32,000 for every EV it sold during the second quarter of 2023.”
“The narrative has taken over that EVs aren’t growing; they’re growing,” said CFO John Lawler.
“It’s just growing at a slower pace than the industry and, quite frankly, we expected,” confessed the executive.
The automotive industry is facing challenges with slow EV sales, longer selling times, and concerns about reliability and road damage.
This shift reflects a broader trend in the industry, indicating that the EV revolution may not be progressing as swiftly as anticipated.
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