NEW YORK — Ford announced on Wednesday fresh changes to its electric vehicle (EV) lineup, including the scuttling of a planned SUV model, lifting shares despite a hefty near-term profitability hit.
NEW YORK — Ford announced on Wednesday fresh changes to its electric vehicle lineup, including the scuttling of a planned SUV model, lifting shares despite a hefty near-term profitability hit.The adjustments ― which reflect a slower-than-expected transition to EVs in North America ― will result in around $1.9 billion in cost hits to Ford 's earnings, according to a Ford securities filing.
A company news release describing the changes highlighted competitive pressures including low-expense Chinese EV producers and the heightened cost focus of current EV consumers compared with early EV adopters, who view the autos 'as a practical way to save money on fuel and maintenance, as well as time by charging at home.'Ford's EV business lost about $2.5 billion in the first half of 2024 as the company contends costly production ramp-ups amid demand uncertainty.
Adjusts EV Lineup To Lower Vehicle Costs
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