Ford has seen more ups and downs with the F-150 Lightning than with almost any other product in recent memory. The automaker struggled to keep pace with early demand and even had to temporarily shutter production to deal with battery issues before announcing a ramp-up to push more trucks to market. Now, it appears the Blue Oval is pumping the brakes on that expansion, as Automotive News reported a recent memo to suppliers previews a somewhat slower year ahead.
The report states that Ford will cut Lightning production in half for 2024 due to “changing market demand.” Instead of the projected 3,200 units per week and 150,000-unit annual goal, the automaker now expects the average volume to land around 1,600 units per week. At the same time, the company said gas pickup volume is expected to remain steady.
Ford has recorded steep losses in its EV division and recently announced that it is postponing a multi-billion-dollar battery production facility in Kentucky. It is also cutting Mustang Mach-E production and delaying other planned EV investments.
Electric vehicle sales continue to grow despite the perception among some groups that consumers are running away. That said, Ford CFO John Lawler admitted that the growth is slower than the industry as a whole and noted that the EV business has been more challenging than the automaker expected.
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