Ford Motor Co. has announced a delay in the rollout of new electric pickup trucks and a large electric SUV as it shifts focus to adding gas-electric hybrids to its model lineup. The company revealed that the highly anticipated electric pickup, slated to be produced at a new factory in Tennessee, will now be delayed until 2026. Similarly, the introduction of a three-row electric SUV at the Oakville, Ontario factory has been pushed back to 2027.
This decision comes amidst a slowdown in U.S. electric vehicle sales growth, which only saw a 2.7% increase in the first quarter of the year. In contrast, hybrid sales surged by 45% during the same period, with plug-in hybrids also experiencing a 34% growth. Ford aims to offer hybrid versions of all its gasoline passenger vehicles in North America by the end of the decade.
Industry analysts suggest that the initial wave of tech-savvy and environmentally conscious consumers who were early adopters of electric vehicles has largely been tapped into. The challenge now lies in convincing mainstream buyers to make the switch to electric, with concerns over limited range and charging infrastructure acting as key barriers.
Despite the anticipated widening of pretax losses for its electric vehicle unit, Ford remains optimistic about the prospects of its commercial vehicles segment, projecting a significant increase in profitability. The company expects to see improved financial performance in both gasoline-powered vehicles and hybrids as well.
