Ford is canceling plans for a large electric sport-utility vehicle and expects to take $1.9 billion in related special charges and write-downs, as automakers continue adjusting their EV plans because of softer-than-expected demand.
The Dearborn, Mich., automaker this spring said it would delay plans for an electric three-row SUV by two years to a 2027 release date. On Wednesday, the company said it is scrapping the model altogether, citing tough pricing pressure as automakers resort to aggressive discounts to move their EVs.
The company also pushed back the launch of a new electric pickup truck by one year, until 2027.“Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,” Ford Chief Financial Officer John Lawler said.
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