Ford Mustang Mach-E and F-150 Lightning on show on the New York Worldwide Auto Present on March 28, 2024.
Danielle DeVries | CNBC
DETROIT – Ford Motor is delaying manufacturing of a brand new plant in Tennessee to provide a next-generation all-electric pickup truck and canceling plans for a three-row electrical SUV, the corporate mentioned Wednesday.
As a substitute, Ford mentioned it’s going to prioritize the event of hybrid fashions, in addition to electrical industrial automobiles equivalent to a brand new electrical industrial van in 2026, adopted by two pickup vehicles in 2027.
The pickups are anticipated to be a full-size truck, which can be produced on the Tennessee plant that is at present underneath development in 2027, and a brand new midsize pickup.
Ford mentioned it’s going to incur a particular non-cash cost of about $400 million for the write-down of sure product-specific manufacturing property, together with the cancellation of the three-row SUV.
The corporate mentioned the adjustments might also end in further bills and money expenditures of as much as $1.5 billion. Ford will mirror these within the quarter during which they’re incurred, as a particular merchandise.
Car manufacturing on the new plant in Tennessee was initially anticipated to start subsequent 12 months. The corporate mentioned it nonetheless expects to start battery cell manufacturing on the web site in 2025.
That is breaking information. Please examine again for extra updates.
