Ford Motor declared that it would continue to produce its best-selling pickup, the F-150, in electrified form while abandoning plans to build a three-row electric SUV.
This is the latest hold-up experienced by Ford Motor as it attempts to lower costs in an effort to boost demand.
To prevent overspending on vehicles that consumers are not purchasing at the anticipated rate; Ford, General Motors, and several other automakers have halted or delayed plans for new electric models.
Ford Chief Financial Officer John Lawler said in a statement, “We have decided to modify our industrial footprint, product and technology roadmap, and pricing in response to margin compression and price pressure in order to achieve our objective of positive EBIT (earnings before interest and tax) for all new models within the first year of release.”
In addition, the automaker is expanding its inventory to include a new electric mid-sized pickup and van. The company is concentrating on its strong points, which include pickup trucks and commercial vehicles.
