Ford Motor Co. has announced significant changes to its electric vehicle (EV) strategy, canceling plans for a fully electric three-row SUV and delaying production of its next-generation electric pickup truck as it focuses more on hybrids because of growing pricing pressure from high battery costs and inflation-weary consumers.
The changes, announced by Ford on Aug. 21, reflect broader challenges facing the U.S. auto industry, as automakers grapple with rising production costs, slower-than-expected EV demand, increasingly cost-conscious consumers, rising compliance requirements, and tougher competition as a bevy of new EVs hit the market over the next 12 months.
