Ford Motor Co F said it is delaying the launch of all-new three-row electric vehicles at its Oakville, Ontario, assembly complex from 2025 to 2027.
The company expects that the additional time will allow the consumer market to further develop and take advantage of emerging battery technology.
Ford noted that equipment installation is underway at its Tennessee Electric Vehicle Center assembly plant in BlueOval City, which aims to begin customer deliveries of the next-generation electric truck in 2026.
Last year, the company said it wanted to start production of an all-new electric truck by the end of 2025 with a goal of building 500,000 electric trucks a year, Reuters reported.
Ford expects to begin installing the tooling at the Ohio assembly plant in spring 2025.
By the end of the decade, the company plans to offer hybrid powertrains across its entire Ford Blue lineup in North America.
In the first quarter of 2024, Ford electric vehicle sales increased 86% and hybrid sales 42% compared to a year ago.
“As the No. 2 electric vehicle brand in the U.S. for the past two years, we are committed to expanding a profitable electric vehicle business by using capital wisely and bringing the right gas, hybrid and all-electric vehicles to market at the right time” , said President and CEO Jim Farley.
The company also plans to work with Unifor to mitigate the impact the launch delay will have on its workforce in Oakville.
Price action: F shares are trading 1.72% higher at $13.89 at last check on Thursday.
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