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Old 22-08-2024, 12:27 PM   #1
whynot
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Default Ford cancels plans for Electric SUV

(Mods: Not sure if this belongs here or in the EV thread. Given that it is a more strategic business decision that the usual EV verses ICE debate, I have put it here.)

Ford US Media Release

https://media.ford.com/content/fordm...stomers--.html


Ford Broadens Electrification Strategy to Reach More Customers, Improve Profitability, Continue to Reduce CO2


Quote:
  • Ford broadens electrification choices for customers and adjusts its rollout of pure electric vehicles to deliver a capital-efficient, profitable electric vehicle business, while continuing to significantly reduce carbon emissions over time
  • Ford focuses its next generation of electrified and digitally advanced vehicles where it has competitive advantages – commercial vans, mid-size and large pickup trucks, and long-range SUVs – and will offer a range of electrification options designed to speed customer adoption, including lower prices and longer ranges
  • In its fully electric portfolio, Ford plans to introduce an all-new commercial van that will begin production in 2026 in Ohio, closely followed in 2027 by two new pickup trucks – a medium-sized pickup based on the platform designed by Ford’s California skunkworks team and a next-generation truck to be assembled in Tennessee
  • Ford’s new affordable electric vehicle platform marks a major step forward in the company’s strategy to bend the cost curve on electric vehicles, allowing the company to introduce multiple vehicle styles for both retail and commercial customers at a faster pace, with more personal digital customization
  • Company realigns battery sourcing to be more efficient and contribute to lower overall costs in its electric vehicle portfolio
  • Ford will provide an update on electrification, technology, profitability and capital requirements in the first half of 2025


DEARBORN, Mich., Aug. 21, 2024 – Ford Motor Company is taking additional actions to deliver a profitable, capital-efficient and growing electric vehicle business and add even more propulsion choices for customers that generate lower CO2 emissions.

The plan includes adjusting the company’s North America vehicle roadmap to offer a range of electrification options designed to speed customer adoption – including lower prices and longer ranges. In its fully electric portfolio, Ford will prioritize the introduction of a new digitally advanced commercial van in 2026, followed by two new advanced pickup trucks in 2027 and other future affordable vehicles. Ford also realigned its U.S. battery sourcing plan to reduce costs, maximize capacity utilization, and support current and future electric vehicle production.

“We are committed to innovating in America, creating jobs and delivering incredible new electric and hybrid vehicles that make a real difference in CO2 reduction,” said Ford President and CEO Jim Farley. “We learned a lot as the No. 2 U.S. electric vehicle brand about what customers want and value, and what it takes to match the best in the world with cost-efficient design, and we have built a plan that gives our customers maximum choice and plays to our strengths.”

The electric vehicle market is rapidly evolving as Chinese competitors leverage advantaged cost structures including vertical integration, low-cost engineering, multi-energy advanced battery technology and digital experiences to expand their global market share.

In addition, today’s electric vehicle consumers are more cost-conscious than early adopters, looking to electric vehicles as a practical way to save money on fuel and maintenance, as well as time by charging at home. This, coupled with scores of new electric vehicle choices hitting the market over the next 12 months and rising compliance requirements, has amplified pricing pressures. These dynamics underscore the necessity of a globally competitive cost structure while being selective about customer and product segments to ensure profitable growth and capital efficiency.

“We’re committed to creating long-term value by building a competitive and profitable business,” said John Lawler, Ford vice chair and chief financial officer. “With pricing and margin compression, we’ve made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT within the first 12 months of launch for all new models.”

In addition to adjusting the cadence of product launches and realigning battery sourcing, Ford now plans to leverage hybrid technologies for its next three-row SUVs. As a result of this decision, the company will take a special non-cash charge of about $400 million for the write-down of certain product-specific manufacturing assets for the previously planned all-electric three-row SUVs, which Ford will no longer produce. These actions may also result in additional expenses and cash expenditures of up to $1.5 billion and the company will reflect those in the quarter in which they are incurred, as a special item.

Lawler said an important enabler to improve profitability is accelerating the mix of battery production in the U.S. that will qualify for the Advanced Manufacturing Tax Credit. Also, given the propulsion options, and increasing demand for hybrids, Ford’s mix of annual capital expenditures dedicated to pure electric vehicles will decline from about 40% to 30%.

Electric commercial vehicles

The rollout of Ford’s next generation of electric vehicles begins with a commercial van that will be assembled at Ford’s Ohio Assembly Plant starting in 2026.

Ford has a strong commercial electric vehicle presence, led by E-Transit, which is America’s best-selling electric van suitable for businesses of all sizes. Commercial customers are transitioning more quickly to electric vehicles as they value the total cost of ownership and the productivity benefits that electric vehicles can provide. For them, vehicles, software and charging solutions are tools, and they want the best tools for the job and their bottom line, whether it is an E-Transit or an F-150 Lightning Pro.

Low-cost, highly efficient electric vehicle platform

In 2022, Ford established a skunkworks team in California focused on changing the company’s approach to next-generation vehicle development and bending the cost curve on electric vehicles. The team takes a systems-integration approach across design, engineering, supply chain and manufacturing to fundamentally rethink the full vehicle. Managed to reduce cost and complexity, the approach will go deeper into the supply chain and benchmark cost against the best competitors in the world.

“We recruited the most technically skilled and creative professionals from inside and outside Ford to drive a radical change in how we develop an electric vehicle,” Farley said. “The work of this highly talented team has evolved into a critical enabler of our electric vehicle strategy. These electric vehicles will be lower cost, and not compromised in any way.”

The first affordable vehicle off this new platform will be a mid-sized electric pickup launching in 2027 that is expected to cater to customers who want more for their money – more range, more utility, more useability.

With a globally competitive electric vehicle cost structure, the platform is designed with minimal complexity to scale quickly by underpinning multiple vehicle styles – for both retail and commercial customers. It is designed to deliver personalized digital experiences that are expandable, always updating and building on Ford’s best features, like BlueCruise and Ford Pro Telematics. This will increase the installed base for software and services – improving Ford’s mix of sticky, profitable revenue over time.

Next-gen electric truck

Ford’s next-generation electric truck will build on the company’s century-long heritage of truck leadership and the No. 1 best-selling electric truck in the U.S., the F-150 Lightning.

Ford is retiming the launch of its groundbreaking electric truck code-named “Project T3” to the second half of 2027. Taking all the learnings from F-150 Lightning customers, the truck will offer features and experiences never seen on any Ford truck, including upgraded bi-directional charging capability and advanced aerodynamics. The truck will be assembled at BlueOval City’s Tennessee Electric Vehicle Center.

Retiming the launch allows the company to utilize lower-cost battery technology and take advantage of other cost breakthroughs while the market continues to develop.

Broader electrification choices

For some commercial applications and for larger vehicles, the battery cost of a pure electric vehicle remains challenging.

Therefore, Ford will develop a new family of electrified three-row SUVs which will include hybrid technologies that can offer breakthrough efficiency, performance benefits and emissions reductions versus pure gas vehicles and extend the range of the vehicle on road trips relative to pure electric vehicles.

In addition, the next-generation F-Series Super Duty pickup will have a range of propulsion options, building on Ford’s hybrid truck sales leadership with the F-150 and Maverick.

“As the global leader in pickup trucks, we are future-proofing this valuable franchise across all sizes with hybrid, electric and other electrified propulsion options, giving individual customers and businesses choice based on how they use their trucks,” Farley said.

Smart capacity utilization and localization key to achieving cost reductions
Ford realigned battery sourcing to support both electric vehicle and other emerging electrified vehicle applications to unlock cost reductions, improve capital efficiency, and qualify for Inflation Reduction Act production and consumer tax credits.

“An affordable electric vehicle starts with an affordable battery,” Farley said. “If you are not competitive on battery cost, you are not competitive.”

Ford and LG Energy Solutions are targeting to move some Mustang Mach-E battery production from Poland to Holland, Michigan, in 2025 to qualify for Inflation Reduction Act benefits.
The BlueOval SK joint venture’s Kentucky 1 plant will manufacture cells for the current E-Transit with enhanced range and F-150 Lightning beginning mid-2025, delivering significant cost improvements coming online earlier than planned.
BlueOval SK at BlueOval City in Tennessee will produce cells starting in late 2025 for Ford’s new electric commercial van to be built at Ford’s Ohio Assembly Plant. Those same cells will be sourced to later power the next-generation electric truck to be assembled at BlueOval City and future emerging technology electrified vehicles. This common cell strategy gives Ford significant sourcing flexibility for manufacturing across multiple segments and electrified platforms as the market continues to evolve.
Lithium iron phosphate (LFP) battery production is on track to begin in 2026 at BlueOval Battery Park Michigan – America’s first automaker-backed LFP battery plant – qualifying for Inflation Reduction Act benefits and giving Ford one of the lowest-cost battery cells in North America.
Ford will provide an update on its electrification, technology, profitability and capital requirements in the first half of 2025.

Reprint from The Wall Street Journal in The Australian.
(Note: Full article is behind a paywall. Extract below.)

The Wall Street Journal
By Mike Colias
22 August 2024

Quote:

Ford Motor is cancelling plans for a large electric sport-utility vehicle and expects to take US$1.9 billion in related special charges and writedowns, as automakers continue adjusting their EV plans because of softer-than-expected demand.

The Dearborn, Mich., automaker said it is scrapping plans for an electric three-row SUV, citing tough pricing pressure as automakers resort to aggressive discounts to move their EVs. This spring, Ford had said it would delay plans for that model by two years, to a 2027 release date.

Ford instead will offer hybrid gas-electric versions of future large, three-row SUVs, a popular vehicle category that includes the brand’s Explorer and Expedition nameplates.

The company’s moves are the latest example of automakers unwinding EV-investment plans they made years ago, when it looked like there was big untapped consumer demand for battery-powered models. There has been more hesitancy among car shoppers than auto executives initially expected, with surveys showing concerns about high prices and finding places to charge.

General Motors last month pushed back the timeline on the opening of a suburban Detroit factory that is being renovated to build electric pick-ups and delayed the release of a Buick EV.

Ford also pushed back the launch of a new electric pick-up truck by one year, until 2027, the second time it has pushed back the timeline. In addition, Ford said it would trim its capital spending on fully electric vehicles to about 30% of its budget, from 40%.

“Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,” Ford Chief Financial Officer John Lawler said.

Ford shares rose 1.5% in midday trading Wednesday. The stock remains down 11% in 2024.

Ford has said its EV business is on pace to lose about $5 billion this year. In the three-month period ended in June, the automaker lost about $44,000 on every electric vehicle that it sold.

....

Similar article in The Guardian


https://www.theguardian.com/business...arge-suv-in-us

Ford writes off $1.9bn as it cancels plans for all-electric large SUV in US


Carmaker opts to produce hybrid version due to profitability concerns, citing pressure from Chinese EV competition

Quote:
Ford has written off $1.9bn as it cancelled plans for an all-electric large SUV in the US, opting to produce a hybrid version instead in the latest sign of western carmakers struggling to make profitable electric cars.

The US carmaker said on Wednesday that it would not be able to reach a profit on the electric SUV within a year, its measure of whether a new car is viable, citing the stiff competition from Chinese manufacturers. It will initially write off the cost of $400m (£300m) in tooling for the vehicle, plus another $1.5bn (£1.15bn) in extra costs in the future.

Ford also said it would delay the successor to its F-150 Lightning electric pickup truck until 2027, after initially targeting a launch next year.

In stark contrast to Ford’s struggles, a new Chinese competitor, Xiaomi, said on Wednesday that it had beaten its delivery targets and would aim to sell 120,000 of its electric cars by the end of 2024 – 20,000 more than initially planned.
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Old 22-08-2024, 12:38 PM   #2
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Default Re: Ford cancels plans for Electric SUV

Ford US is like a mentally challenged Roomba that keeps spinning around in circles then heading off in a completely different direction.

Give it 18 months and they'll have a new CEO which will head off in a different direction
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Old 22-08-2024, 01:07 PM   #3
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Default Re: Ford cancels plans for Electric SUV

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Ford US is like a mentally challenged Roomba that keeps spinning around in circles then heading off in a completely different direction.

Give it 18 months and they'll have a new CEO which will head off in a different direction
Needs more DEI.
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Old 22-08-2024, 01:17 PM   #4
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Default Re: Ford cancels plans for Electric SUV

I found that description uncomfortably close to my thought processes.
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Old 22-08-2024, 01:28 PM   #5
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Default Re: Ford cancels plans for Electric SUV

Love having multiple hobbies to switch between in fits and bursts... not sure if this is way to run automaker.

In terms of strategy, it's apparent the rush into EV that automakers pursued about 2-3 years ago hasn't been backed by consumers at the rate the automakers developed product . Ford must be a big ship to adjust once on course, but they are adjusting. Toyota's hybrid path looks vindicated for now.

As for the Chinese competition, is it true they have strong incentives to produce, from their government? Always going to be hard to be free market and respond to that if it attacks in scale. I do understand the directive to export to earn international earnings in the face of the real estate bust there.
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Old 22-08-2024, 01:59 PM   #6
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Default Re: Ford cancels plans for Electric SUV

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Needs more DEI.
That would nicely top off the absolute clown show Ford US is, maybe the Harley Davidson CEO would be a good fit for Ford.

More rainbow flags 🌈
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Old 22-08-2024, 03:18 PM   #7
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Default Re: Ford cancels plans for Electric SUV

hehe slightly off topic, not sure what became of this investment product:

https://markets.businessinsider.com/...hat-1032610485
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Old 22-08-2024, 04:43 PM   #8
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Default Re: Ford cancels plans for Electric SUV

Who would have thought that when you make weird looking cars, price them through the roof, and completely half **** the required infrastructure that consumers wouldn’t be quick to adopt the new tech.

I don’t understand why electric cars need to look the way they do. Just give me a regular looking car that will get me where in need to go in a comparable timeframe.
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Old 22-08-2024, 05:10 PM   #9
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Default Re: Ford cancels plans for Electric SUV

A couple of things to note

Quote:
Therefore, Ford will develop a new family of electrified three-row SUVs which will include hybrid technologies that can offer breakthrough efficiency, performance benefits and emissions reductions versus pure gas vehicles and extend the range of the vehicle on road trips relative to pure electric vehicles.
A family of electrified three-row SUVs kind of suggests Ford and Lincoln but maybe also LWB and SWB?
Ford is good at announcing thing with a bit of mystery to generate speculation of the good kind….

Quote:
The first affordable vehicle off this new platform will be a mid-sized electric pickup launching in 2027 that is expected to cater to customers who want more for their money – more range, more utility, more useability.
The shunkworks could also be signalling an end or at least a change to the way Ford develops vehicles in the future.
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Old 22-08-2024, 08:42 PM   #10
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Default Re: Ford cancels plans for Electric SUV

So far I have sold zero EV’s.
But I hope to double that next month.
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Old 23-08-2024, 01:27 AM   #11
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Default Re: Ford cancels plans for Electric SUV

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So far I have sold zero EV’s.
But I hope to double that next month.
At Ford, the plan is the plan until someone decides that it’s not going to work.

Cancelling GE2 and taking a $1.9 billion loss is preferable to the alternative?
Now that’s a holy crap moment……

We need to be able to separate Ford marketing from reality, one moment Farley talks about small BEVs, the next thing Ford is talking mid sized BEV pickup and Van for Ford Pro. It’s like he’s trying to will customers into buying the new offerings only because Ford thinks it will make more profit per unit.

Right now, I’m not sure who Farley thinks are new customers for these BEVs,
maybe Ford is pitching to “nobody” and just hoping enough buyers turn up….

Anyway, I have a feeling any new products will be Left Hand Drive only and
ruling our market out unless UK is part of the plan….
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Old 23-08-2024, 03:13 PM   #12
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Default Re: Ford cancels plans for Electric SUV

They have some perplexing decisions for sure

All while GM is slinking back into the Aussie market with the pick up & GMC conversions, and here comes Cadillac too
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Old 23-08-2024, 03:39 PM   #13
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Default Re: Ford cancels plans for Electric SUV

well it sure won't be significant GM numbers sold here but a blimp on the monthly sales overall.
Funnily at least they are trying to do something not that I think alot of money would be made for the efforts.
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Old 23-08-2024, 03:56 PM   #14
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Default Re: Ford cancels plans for Electric SUV

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All while GM is slinking back into the Aussie market with the pick up & GMC conversions, and here comes Cadillac too
If they slink very, very quietly, maybe nobody will notice them.
To mis-quote Basil Fawlty, just "Don't mention the Holden" to them.
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Old 23-08-2024, 05:06 PM   #15
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Default Re: Ford cancels plans for Electric SUV

Sanity prevails.

Once Ford stopped producing cars in Australia I've come to detest the brand.
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Old 23-08-2024, 06:21 PM   #16
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Default Re: Ford cancels plans for Electric SUV

Staggering how much money Ford pees up against the wall,
would it really miss a fraction of that spent in Australia?
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Old 23-08-2024, 06:55 PM   #17
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Default Re: Ford cancels plans for Electric SUV

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Staggering how much money Ford pees up against the wall,
would it really miss a fraction of that spent in Australia?

Sure obviously it’s a pin head of their business doesn’t excuse their utter incompetence globally in this day and age.
Basket case I’m surprised they haven’t gone the shoot like GM Chrysler.


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Old 23-08-2024, 07:10 PM   #18
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Default Re: Ford cancels plans for Electric SUV

So given this and Dodge/Jeep/Chrysler/RAM's current woes, what do you reckon 2008 style bailouts are on the cards again?

No way US will let them fail, given the industrial base will absolutely be needed in the future.

Probably hasn't helped them having to buy green credits off Tesla for last 10 or so years lol
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Old 23-08-2024, 07:43 PM   #19
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Default Re: Ford cancels plans for Electric SUV

Hey I found a photo from a recent Ford Management Meeting in the USA.
You can see why they are so good a making back flips.
A very well rehearsed Team.

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Old 24-08-2024, 06:13 AM   #20
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Default Re: Ford cancels plans for Electric SUV

Yes Ford has some mighty big mirrors of blame and responsibility it's executive team need to stare into for decision making recently.....my however, is , government ideological decisions and like banning ICE vehicles in whatever timeframe they originally set must surely have started some of this mad scramble and tens of billions in wasted money by carmakers to meet those changes which have also been diluted in some cases or not what the voters of those governments have accepted without pushback.
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Old 24-08-2024, 09:15 AM   #21
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Default Re: Ford cancels plans for Electric SUV

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Originally Posted by FTE217 View Post
Sure obviously it’s a pin head of their business doesn’t excuse their utter incompetence globally in this day and age.
Basket case I’m surprised they haven’t gone the shoot like GM Chrysler.


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For all of its faults, Ford is still on target to make a healthy profit this year
so no, it’s nothing like Stellantis USA ops…..and GM is set for a huge profit this year.

What these financial setbacks should underscore is that companies like Ford ae a licence to print money.
Even if you think they are run poorly, they cannot help but still make money, so all I’m suggesting is that
they divert a tiny amount of their money to our market and take a shot on actually making more profit.
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Old 24-08-2024, 09:24 AM   #22
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Default Re: Ford cancels plans for Electric SUV

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Originally Posted by Dr Smith View Post
Yes Ford has some mighty big mirrors of blame and responsibility it's executive team need to stare into for decision making recently.....my however, is , government ideological decisions and like banning ICE vehicles in whatever timeframe they originally set must surely have started some of this mad scramble and tens of billions in wasted money by carmakers to meet those changes which have also been diluted in some cases or not what the voters of those governments have accepted without pushback.
As you know, Ford management are like elephants,they get an idea in their head and focus on that
while ignoring everything else that they need to keep doing. Now that reality is setting in management
is starting to realise that all the programs they raided to go chase rainbows and unicorns, are failing
to bring anything close to the number of buyers promised, let alone turn a profit.

Nothing teaches Ford management like the pain of loss, be that massive warranty issues
or bad decisions on ramping up electric vehicles too quickly or ignoring buyers in other areas.

Ford eventually comes full circle, they rediscover quality is important, buyers need to be heard
and that selling profitable vehicles is the only way forward, do that and you will survive.

One example in our own market was Ford marketing dude chiding Ranger buyers for being too
focused on engine capacity, not realising that those buyers would pay more for a smooth V6.
A few years later, hey presto a V6 diesel arrives as if by magic, they always freakin knew….
Now they charge high bucks, Ranger buyers get the V6 they wanted and profits flow…….

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Old 24-08-2024, 01:11 PM   #23
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Default Re: Ford cancels plans for Electric SUV

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Originally Posted by Dr Smith View Post
Yes Ford has some mighty big mirrors of blame and responsibility it's executive team need to stare into for decision making recently.....my however, is , government ideological decisions and like banning ICE vehicles in whatever timeframe they originally set must surely have started some of this mad scramble and tens of billions in wasted money by carmakers to meet those changes which have also been diluted in some cases or not what the voters of those governments have accepted without pushback.
Watch as the US/EU government ties itself in a knot in the next 5 years - you have the mandate of net zero and total EV, but if they follow through they will destroy their automakers. Meanwhile China has been on the battery/electric path since the 2000s as they identified an area where they could outcompete, and they are very well entrenched here. So if US/EU govs follow through, they will hand their auto production to China: in a world with the backdrop of increasing conflict demanding industrial production, and the sides very much approximating the old Cold War. So you will see the EV and CO2 mandates get mixed in with prohibitive tariffs to keep the Chinese out. It'll be a big mess. The contrarian trade would be to bet on ICE in the West, or ICE/hybrid.

If they kill their automakers, they'll end up like Australia and we can't make jack sheet for ourselves and have become a cargo cult.
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Old 24-08-2024, 08:49 PM   #24
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Default Re: Ford cancels plans for Electric SUV

This is exactly what I'm talking about.

https://www.youtube.com/watch?v=n2A5cFjikhM

See how it becomes a mess. All of a sudden the cars we are enthusiasts for, become part of a big trade war and struggle for economic/geographic power.
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Old 27-08-2024, 02:16 AM   #25
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Default Re: Ford cancels plans for Electric SUV

To be clear, Ford is still making Electric SUVs. This was a plan for a very large 3-row SUV.

America is a very diverse country. The same factors that make the F-150 the top selling car, mean that electric cars aren't going to work for everyone. At least not yet.
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Old 27-08-2024, 11:17 AM   #26
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Default Re: Ford cancels plans for Electric SUV

Didn't expect the land of ice hockey and maple syrup to follow US and EU, they must have some factories left:

https://asia.nikkei.com/Business/Aut...wing-U.S.-lead

"Prime Minister Justin Trudeau said Ottawa was acting to counter what he called China's intentional, state-directed policy of over-capacity. "I think we all know that China is not playing by the same rules," he told reporters. The tariffs will be imposed starting Oct. 1."

Tesla included in the tariff.

Australia is going to end up unique, unless something happens and we tow the line with the rest of the West. As above, cars as political footballs being kicked by both mercantilists and protectionists.
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Old 27-08-2024, 11:33 AM   #27
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Default Re: Ford cancels plans for Electric SUV

KUDOS to Canada !
Despite this in the article :
"China is Canada's second-largest trading partner, although it trails far behind the United States."

We'd be tooooo gutless to throw down this gauntlet.
China is Australia's largest two-way trading partner, accounting for 27 per cent of our goods and services trade with the world in 2023.

Interestingly listenning to news re our wine industry since the China embargo has lifted recently.
The Wine Industry quoted - that normally happens when you lose business they opened many new Export doors that they wouldn't have gone looking for.
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Old 27-08-2024, 11:48 AM   #28
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Default Re: Ford cancels plans for Electric SUV

Quote:
Originally Posted by jpd80 View Post
For all of its faults, Ford is still on target to make a healthy profit this year
so no, it’s nothing like Stellantis USA ops…..and GM is set for a huge profit this year.

What these financial setbacks should underscore is that companies like Ford ae a licence to print money.
Even if you think they are run poorly, they cannot help but still make money, so all I’m suggesting is that
they divert a tiny amount of their money to our market and take a shot on actually making more profit.
oh true a company as expanse will always keep rolling over $$$$.
When I mentioned Chrysler I mean pre Stellantis ownership being a basket case.
GM is purely recovery from low base market share pre 23 - their ROI is again from low base of the past, you'd expect the suits set the recovery as its occurred.
Stellantis is a whole different ball game.
14 different brands, is it any wonder of their issues trying to balance and run so many operations ?

Anyway good luck to Ford back to topic, they need it imo.
I wonder what would/will happen the day their F150/250 cash cows really start dropping in annual numbers, for that time will come as gens move on.
Nothing lasts forever.
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