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Ford Motor Company halved its 2024 F-150 Lightning production target to 1,600 units per week due to slowing demand for battery vehicles.
CEO Jim Farley said it was a test of EV adoption, cutting EV spending by $12 billion while downsizing the size of a battery plant being built in Michigan.
Ford has also postponed plans for a second battery plant due to declining demand for the electric Mustang Mach-E. Although the F-150 Lightning had its best sales month on record in November, sales fell 46% in the third quarter.
Tesla’s Cybertruck launch targets potential Lightning buyers.
(Source: Bloomberg Image source: freepik)
