Ford Dumps EVs For Large Gas-Powered Trucks

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As it repudiates its hugely ambitious EV plans, Ford wll convert an EV plant into one that produces large trucks. Not long ago, Ford said it would spend over $30 billion on EV R&D, production, and marketing. It also said it would be able to produce 600,000 EVs a year as of the end of 2023. Management has had to reverse course because of meager sales of Ford’s EVs.

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According to CNBC, “Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub.” The total cost of the new program will be $3 billion. Ford Super Duty trucks are a much larger version of the F-150 pickup, the top-selling vehicle in the US for over four decades.

Ford sold only 23,957 EVs in the second quarter, or about 8,000 monthly. That is against total companywide sales of 536,050 for the quarter. So, EVs were 4.5% of the total. Tesla’s Cybertruck now outsells Ford’s F-150 Lightning.

Ford makes a tremendous amount of money on its truck business. F-series truck sales were 37% of total sales in the second quarter. Of these, only 7,902 were its EV F-150 Lightening.

Ford’s plan to convert an EV plant to a plant that builds trucks with exceptionally high emissions is a surrender of what Ford’s future was supposed to be to what it is.