Ford cuts 2024 production plans in half

  • Ford Motor Co. will cut planned production of its all-electric F-150 Lightning pickup truck by nearly half next year.
  • This represents a major reversal after the automaker made a significant increase in electric vehicle factory capacity in 2023.
  • Demand for electric vehicles has been slower than many expected, as prices and interest rates remain high. But F-150 Lightning sales have increased steadily this year.

Ford workers produce the F-150 Lightning electric pickup truck at the automaker’s Ford Rouge Electric Vehicle Center on December 13, 2022.

Michael Weiland | CNBC

DETROIT — Ford Motor Co. will cut planned production of its all-electric F-150 Lightning pickup truck by nearly half next year, marking a major reversal after the automaker made a significant increase in electric vehicle plant capacity in 2023.

The new production plans call for an average volume of about 1,600 F-150 Lightnings per week at Ford’s Rouge Electric Vehicle Center in Dearborn, Michigan, starting in January, according to a source familiar with the decision. The automaker recently planned to produce an average of nearly 3,200 cars per week.

“We will continue to match production with customer demand,” a Ford spokeswoman said Monday.

Ford executives recently said the automaker will match production with demand, as the company cancels or postpones $12 billion in investments in upcoming electric vehicles.

Production cuts for the F-150 Lightning were detailed for the first time in a planning memo to suppliers he got it Car News. The memo noted “changed market demand” due to the cuts, according to the post.

Demand for electric vehicles has been slower than many expected, as prices and interest rates remain high. Automakers are working to reduce production costs for fully electric vehicles, while reconsidering production and product plans for the coming years.

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Ford spent six weeks earlier this year increasing F-150 Lightning truck capacity at the Michigan plant, which was expected to be able to produce 150,000 all-electric trucks, three times its planned initial production.

F-150 Lightning sales have steadily increased in 2023, setting a monthly record of about 4,400 sold in November. The company has sold just 20,365 trucks this year through November, an increase of 54% from the previous year.

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