Ford Puts Brakes on EV Plans as Sales Growth Slows, Focuses on Hybrids Instead
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Ford is delaying the launch of new electric trucks and SUVs, including the F-150 EV and a 3-row SUV, to 2026-2027 due to slowing EV sales growth.
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Instead, Ford will focus on expanding its lineup of gas-electric hybrid vehicles over the next few years.
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EV sales growth in the US has slowed to just 2.7% in Q1 2022, down from 47% growth last year. Meanwhile, hybrid sales grew 45%.
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Ford's EV unit is expected to lose $5-5.5 billion in 2022, while its gas-powered vehicle business is forecast to earn $7-7.5 billion.
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The retreat comes as warnings increase about slowing EV demand amid high prices and limited charging infrastructure. Consumers are reconsidering expensive EVs.