What's happened
Ford delays the launch of new electric pickup and large SUV by 1-2 years amidst slowing EV sales growth. The company plans to focus on expanding hybrid offerings, aiming to have hybrid options for all gas vehicles by 2030. Despite an 86% increase in Q1 EV sales, the overall EV market growth has slowed to 2.7% in the US.
Why it matters
Ford's decision to delay EV launches and shift focus to hybrids reflects the changing landscape of the EV market. The company's strategic move to expand hybrid options aligns with evolving consumer preferences and aims to ensure profitability in the long term. This shift could impact the future of Ford's product lineup and its competitiveness in the electric vehicle market.
What the papers say
Ford's decision to delay EV launches and prioritize hybrids has drawn attention from various sources. The Guardian highlights Ford's shift in response to slowing EV sales growth, while the NY Post emphasizes the company's commitment to scaling a profitable EV business. Business Insider UK focuses on Ford's plan to incorporate emerging battery technology in its EVs, while Ars Technica notes the significant increase in Ford's Q1 EV sales despite the overall market slowdown.
How we got here
The decision by Ford to delay the launch of new electric vehicles comes as US EV sales growth has slowed to 2.7% in the first quarter of the year. The company aims to adapt to changing market dynamics by focusing on expanding its hybrid offerings and ensuring profitability in the EV segment. Ford's move reflects a strategic shift to meet consumer demands and enhance its position in the evolving automotive industry.
Common question
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Ford Motor Company, commonly known as Ford, is an American multinational automaker that has its main headquarters in Dearborn, Michigan, a suburb of Detroit. It was founded by Henry Ford and incorporated on June 16, 1903.
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
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The Society of Motor Manufacturers and Traders is the trade association for the United Kingdom motor industry. Its role is to "promote the interests of the UK automotive industry at home and abroad."