Ford Motor Company (NYSE: F) stock fell in the early trading hours of Friday as it postponed the production launch of its three-row electric SUV at its Oakville, Ontario plant.
Ford (F) has announced a delay in the launch of all-new three-row electric vehicles at its assembly complex in Oakville, Ontario, from 2025 to 2027. This decision comes as the company aims to capitalize on emerging battery technology and allow the consumer market to mature.
Meanwhile, Ford is making significant progress at its Tennessee Electric Vehicle Center assembly plant in BlueOval City, where equipment installation is underway. The company plans to begin customer deliveries of the next-generation electric truck in 2026.
Last year, Ford announced plans to begin production of an all-new EV truck in late 2025, aiming to manufacture 500,000 electric trucks annually.
Looking ahead, Ford anticipates initiating tool installation at the Ohio Assembly Plant in spring 2025.
In addition to its electric vehicle initiatives, Ford aims to offer hybrid powertrains across its entire Ford Blue lineup in North America by the decade’s end.
In the first quarter of 2024, the company witnessed a substantial increase in electric vehicle sales, with an 86% rise compared to the previous year. Hybrid sales also increased 42% year-over-year.
Jim Farley, President and CEO of Ford, reaffirmed the company’s commitment to scaling a profitable EV business while prioritizing prudent capital allocation. He stated,
“As the No. 2 EV brand in the U.S. for the past two years, we are committed to scaling a profitable EV business, using capital wisely, and bringing to market the right gas, hybrid, and fully electric vehicles at the right time.”
Furthermore, Ford plans to collaborate with Unifor to minimize the impact of the launch delay on its workforce at Oakville.
Ford (NYSE: F) Stock Performance
Ford stock dipped 0.60% to $13.13 in the early trading hours of Friday. The traders have exchanged hands with 9,251,083 (9.25 million) shares compared to the average daily trading volume of 54.71 million.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
