Reuters
Ford slows EV plans, delaying pickup and axing three-row SUV, to cut costs
DETROIT (Reuters) -Ford Motor on Wednesday said it was killing a planned three-row electric SUV and pushing back a new electric version of its best-selling pickup, the F-150, the latest delay by the U.S. automaker as it focuses on cutting costs to stimulate demand. Ford, General Motors and other carmakers have delayed or cancelled new electric models to avoid spending heavily on vehicles that consumers are not buying as quickly as anticipated. “With pricing and margin compression, we’ve made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT (earnings before interest and tax) within the first 12 months of launch for all new models,” Ford Chief Financial Officer John Lawler said in a statement.
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