Ford shifts focus to building gasoline-powered F-Series trucks due to slow EV demand growth

From Nasdaq: 2024-07-18 10:50:23

Ford Motor announced plans to shift its Canadian plant from electric vehicle production to building larger, gasoline-powered F-Series trucks due to slower EV demand growth. The company aims to add capacity for 100,000 Super Duty trucks at the Oakville facility, investing $3 billion to secure jobs and strategically focus on profitable vehicles.

Global EV demand slowdown impacts market leaders like Tesla and BYD, prompting legacy automakers Ford and GM to reevaluate strategies. Ford, facing significant EV losses, plans to prioritize hybrid and gas-powered vehicles for profitability. The company will invest in Super Duty production to meet demand and create jobs, delaying three-row electric SUVs until 2027.

Ford emphasizes commercial vehicle profits amid EV challenges, banking on software services for sustainability. The shift to hybrid production reflects a strategic balance between market demand and financial stability. As Ford and GM release second-quarter results, industry watchers will observe their ability to adapt in a changing automotive landscape.

The retooling of Ford’s Oakville plant, supported by Canadian union Unifor, addresses production delays and boosts Super Duty truck output. This move aligns with Ford’s commercial success strategy and market demand for heavy-duty trucks. Insights from upcoming financial results will shed light on Ford’s strategic adjustments and performance impact in the market.



Read more at Nasdaq: Ford Invests $3 Billion to Boost Super Duty Truck Production