Ford is laying off 1,400 workers in the face of weakening demand for its signature F-150 electric truck.The Dearborn, MI-based automaker on Friday announced the job cuts after it said it would cut production on the number of the prolific pickups by half beginning April 1.By contrast, it also announced the hiring of nearly 1,500 new workers to increase production of its gasoline-powered Bronco and Ranger pickup trucks.In a statement, the company said it expects continued growth in EV sales but at lower rates than previously expected. Last fall, its third quarter financial results showed that it was losing about USD$40,000 on every EV it built — and presumably, sold..In a news release, Ford said it was the Number 2 EV brand in 2023.Ford F-150 Lightning Lariats at Okotoks Ford were listed for CAD$91,000 ‘all-after $11,500 discounts — presumably including rebates — from a list price of $103,350 according to its website. A base model XLT can be had for about $80,000.Ford said it is balancing production to meet customer demand and Chief Executive Officer Jim Farley said the company still sees “a bright future” for EVs for “specific customers.”“We are taking advantage of our manufacturing flexibility to offer customers choices while balancing our growth and profitability,” Farley said in a statement Friday.Ford has responded by repeatedly cutting production of the F-150 Lightning, its signature product of any type, as well as the Mustang Mach-E it builds in Mexico. The automaker also downsized a heavily-subsidized battery plant it is building in Michigan and is delaying plans for a battery plant in Kentucky as it pushes back some $12 billion in planned EV spending.It comes as governments, including Canada, have mandated 100% of new vehicles be electric by 2035.“It’s pretty clear there’s been some slowdown in EV adoption,” David Lefkowitz, head of consumer equities for UBS Global Wealth Management, told Bloomberg Television on Friday. “We’re getting to the part of the market where it make take a little more effort to penetrate the market.”.UBS has forecast 11% sales growth in the US EV market this year, down from 47% last year and 60% in 2022.Ford sold just over 24,000 Lightnings last year, up 55% from 2022 — but barely a fraction of the 780,000 gasoline powered F-Series trucks it sold in Canada and the US last year.“Though we like CEO Farley’s vision and direction for the future of Ford, we believe it could take a number of years for the benefits of those plans to be realized,” Lefkowitz wrote in a note to investors.
Ford is laying off 1,400 workers in the face of weakening demand for its signature F-150 electric truck.The Dearborn, MI-based automaker on Friday announced the job cuts after it said it would cut production on the number of the prolific pickups by half beginning April 1.By contrast, it also announced the hiring of nearly 1,500 new workers to increase production of its gasoline-powered Bronco and Ranger pickup trucks.In a statement, the company said it expects continued growth in EV sales but at lower rates than previously expected. Last fall, its third quarter financial results showed that it was losing about USD$40,000 on every EV it built — and presumably, sold..In a news release, Ford said it was the Number 2 EV brand in 2023.Ford F-150 Lightning Lariats at Okotoks Ford were listed for CAD$91,000 ‘all-after $11,500 discounts — presumably including rebates — from a list price of $103,350 according to its website. A base model XLT can be had for about $80,000.Ford said it is balancing production to meet customer demand and Chief Executive Officer Jim Farley said the company still sees “a bright future” for EVs for “specific customers.”“We are taking advantage of our manufacturing flexibility to offer customers choices while balancing our growth and profitability,” Farley said in a statement Friday.Ford has responded by repeatedly cutting production of the F-150 Lightning, its signature product of any type, as well as the Mustang Mach-E it builds in Mexico. The automaker also downsized a heavily-subsidized battery plant it is building in Michigan and is delaying plans for a battery plant in Kentucky as it pushes back some $12 billion in planned EV spending.It comes as governments, including Canada, have mandated 100% of new vehicles be electric by 2035.“It’s pretty clear there’s been some slowdown in EV adoption,” David Lefkowitz, head of consumer equities for UBS Global Wealth Management, told Bloomberg Television on Friday. “We’re getting to the part of the market where it make take a little more effort to penetrate the market.”.UBS has forecast 11% sales growth in the US EV market this year, down from 47% last year and 60% in 2022.Ford sold just over 24,000 Lightnings last year, up 55% from 2022 — but barely a fraction of the 780,000 gasoline powered F-Series trucks it sold in Canada and the US last year.“Though we like CEO Farley’s vision and direction for the future of Ford, we believe it could take a number of years for the benefits of those plans to be realized,” Lefkowitz wrote in a note to investors.
