Ford Delays $12 Billion Investment in EVs
Ford Motor Company has announced that it is delaying its planned $12 billion investment in electric vehicles (EVs), including the construction of a second battery plant with joint venture partner SK On. The decision comes as demand for higher-priced premium electric vehicles has softened.
During the company’s third-quarter earnings call, CFO John Lawler emphasized that Ford is not backing away from its next-generation EV plans. He said that the company is still committed to its long-term strategy of investing in EVs and that the delay is only temporary.
Lawler also noted that the company is still investing in its EV plans, but that the investments are being shifted to other areas. He said that the company is focusing on areas such as autonomous driving, connected vehicles, and mobility services.
The decision to delay the $12 billion investment in EVs is part of Ford’s broader strategy to focus on areas that will generate more immediate returns. The company is also investing in areas such as advanced manufacturing, new materials, and advanced powertrain technologies.
Ford is not the only automaker that is delaying its EV plans. Other automakers, such as General Motors and Volkswagen, have also delayed their EV plans due to softening demand.
Despite the delay in its EV plans, Ford is still committed to its long-term strategy of investing in EVs. The company is investing in areas such as battery technology, autonomous driving, and connected vehicles.
Ford is also investing in its EV charging infrastructure. The company is partnering with ChargePoint to build more than 12,000 public charging stations across the United States. The company is also investing in its own home charging solutions, such as the Ford Connected Charge Station.
Ford is also investing in its EV lineup. The company recently unveiled the Mustang Mach-E, its first all-electric SUV. The Mustang Mach-E is expected to be available in late 2020.
Ford is also investing in its EV technology. The company recently announced that it is partnering with Rivian to develop a new electric vehicle platform. The platform will be used to develop a range of new electric vehicles, including a pickup truck and a van.
Ford is also investing in its EV supply chain. The company recently announced that it is investing $500 million in its Michigan Assembly Plant to build electric vehicles. The plant is expected to be operational by 2023.
Despite the delay in its EV plans, Ford is still committed to its long-term strategy of investing in EVs. The company is investing in areas such as battery technology, autonomous driving, connected vehicles, and charging infrastructure. The company is also investing in its EV lineup, technology, and supply chain.
Ford’s decision to delay its $12 billion investment in EVs is a prudent move. The company is focusing on areas that will generate more immediate returns, while still investing in its long-term EV strategy. Ford’s commitment to EVs is clear, and the company is well-positioned to capitalize on the growing demand for electric vehicles in the future.
