DETROIT (AP) — Ford Motor Co. is changing its electric vehicle plans and now will focus on making two new electric pickup trucks and a new commercial van. The company says all will cost less, have longer range and be profitable within a year of reaching showrooms.
Ford, which is losing millions on its current EVs, gave few details about the new products. But it said production of its next generation full-size electric pickup truck in Tennessee will be delayed 18 months, until 2027.
The company also says it won’t build fully electric three-row SUVs, but instead will focus on making those vehicles as gas-electric hybrids.
The other new pickup will be mid-sized, based on new underpinnings developed by a small team in California.
The changes will force Ford to write down $400 million of its current assets, and it also expects to have additional expenses of up to $1.5 billion.
“We’re committed to creating long-term value by building a competitive and profitable business,” Chief Financial Officer John Lawler said in a statement.