[ad_1]
Ford Mustang Mach-E and F-150 Lightning are displayed at the New York International Auto Show on March 28, 2024.
Danielle DeVries | CNBC
Detroit – Ford Motor The company said Wednesday it is delaying production at a new plant in Tennessee to build its next-generation all-electric pickup truck and canceled plans for a three-row electric SUV.
Instead, Ford said it will prioritize the development of hybrid models and electric commercial vehicles, such as a new electric commercial van in 2026 and two pickup trucks in 2027.
The pickups are expected to be a full-size truck that will be produced in 2027 at the Tennessee plant currently under construction, as well as a new mid-size pickup.
Ford said it would take a special non-cash charge of about $400 million for the write-down of certain product manufacturing assets, including the cancellation of a three-row SUV.
The changes could also result in up to $1.5 billion in additional charges and cash outlays, the company said. Ford will record those charges as special items in the quarter in which they are incurred.
The new Tennessee plant was initially expected to start producing vehicles next year. The company said it still expects to start producing battery cells at the plant in 2025.
This is breaking news. Please continue to check back for more updates.
[ad_2]
Source link
