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Key Takeaways
- Ford will reportedly halt production of its F-150 Lightning electric pickup truck for several weeks starting in mid-November.
- The automaker’s electric vehicle division posted a quarterly loss this month and sales are down year-over-year.
- Earlier this year, Ford limited production at the facility that makes the F-150 Lightning.
Ford (F) is halting production of its all-electric F-150 Lightning pickup truck for at least several weeks as it faces softening demand for its electric vehicles, according to a Wall Street Journal report.
The automaker will idle the Rouge Electric Vehicle Center in Dearborn, Mich, that manufactures the trucks starting in mid-November through Jan. 6, the Journal’s report said. The company didn’t immediately respond to a request for comment.
The production stop comes after Ford scaled back F-150 Lightning production in April by moving to just one shift at the facility.Â
Sales of Ford’s EVs Have Slowed
Ford Model e, the company’s EV division, on Monday reported a loss of $1.2 billion for the third quarter. Revenue fell by a third year-over-year. Looking at the year to date, the unit’s revenue is down 43% through the first nine months of 2024 compared with 2023.Â
Rival General Motors (GM) showed higher profitability from EVs when it reported earnings earlier this month.Â
Shares of Ford fell 8% Tuesday after its third-quarter results and are down about 15% year-to-date. The shares finished Thursday down a bit less than 2%.