Ford pausing production on iconic model as automaker faces financial woes and CEO admits company has ‘gone backwards’ – Cannasumer

Ford pausing production on iconic model as automaker faces financial woes and CEO admits company has ‘gone backwards’

FORD Motors has announced it will temporarily stop production of its electric F-150 Lightning pickup truck.

The American automaker announced it will halt assembling the iconic model from November 18 to January 6.

Ford Motors will temporarily stop production on its F-150 Lightning EV truck
Getty

The move comes after Ford introduced the F-Series electric vehicle models in 2021, with the Lightning model premiering in showrooms the following year.

However, since the start of 2024, Ford has been losing money on every EV model it has put out, according to NPR.

The company has been scaling back on producing electric vehicles since August and recently scrapped its assembly milestone of the models.

A goal of producing two million EVs by 2026 was delayed indefinitely.

“We’re seeing a tremendous amount of competition” in the SUV segment, John Lawler, Ford’s vice chair and chief financial officer, said in August.

Ford pumped the brakes on producing an all-electric three-row SUV early this year after several EV competitors arrived on the scene.

“In fact, S&P Global said that there’s about 143 EVs in the pipeline right now for North America, and most of those are two-row and three-row SUVs,” Lawler added.

More than 700,000 customers purchased one of Ford’s F-Series models in 2023, making it the best-selling truck in the US for the 47th consecutive year, according to the company.

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