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three-row SUV and is instead replacing it with hybrid models as car manufacturers adjust to a market with less-than-expected EV demand.
Previously, the auto giant had said it would delay plans for the new electric vehicle by two years, for a 2027 release date. On Wednesday, however, Ford announced it will be scrapping the model altogether, citing cost-conscious EV customers and amplified pricing pressures. “We are committed to innovating in America, creating jobs, and delivering incredible new electric and hybrid vehicles that make a real difference in CO2 reduction,” Ford President and CEO Jim Farley said. “We learned a lot as the No. 2 U.S. electric vehicle brand about what customers want and value and what it takes to match the best in the world with cost-efficient design, and we have built a plan that gives our customers maximum choice and plays to our strengths.
The company has said its EV business is expected to lose about $5 billion this year. The change to hybrid, which has a shorter battery range but a longer overall range when combined with gas, is expected to cost $400 million and could result in additional expenses and cash expenditures of up to $1.5 billion.The company will continue to make EVs, however, but at a slower pace. It will start making an EV commercial van in 2026 and two new pickup trucks in 2027.
Notably, the company is retiming the launch of its second-generation pick-up to the second half of 2027, noting that the delayed launch will allow the company to “utilize lower-cost battery technology and take advantage of other cost breakthroughs while the market continues to develop.”
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