Ford is making strategic shifts in its electric vehicle (EV) plans, delaying the launch of its first affordable electric pickup to 2027 from the original 2025 date.
The reason? Ford is waiting for cheaper battery technology. In the meantime, they've canceled plans for an all-electric three-row SUV and are doubling down on hybrid SUVs, aiming to capture customers who aren't ready to go fully electric.
This pivot comes as the U.S. EV market hits a record high, with Q2 2024 sales up 11% year-over-year. However, Tesla’s market share dipped below 50% for the first time, as 18 new models, like Toyota's bZ4X and Kia's EV9, entered the market with strong sales.
On the financial front, optimism is growing with potential Federal Reserve interest rate cuts in September. Ford’s focus on hybrids seems well-aligned with this positive market sentiment, reflecting the industry's balance between innovation and market readiness in a rapidly evolving landscape.
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Check out more on these stories in today’s Business Digest, then read up on some automotive tech news, or check out what we found in the global automotive conversation.