Ford is cancelling plans to manufacture a three-row electric sport utility vehicle, warning that the decision could cost it up to $1.9bn in the latest sign of US carmakers adjusting to slower than expected demand for expensive EVs.
The Michigan-based group said on Wednesday that its planned electric SUV would not be able to turn a profit within a year of launch, due to a crowded market segment and mainstream consumers’ reluctance to pay higher prices for EVs.
“These vehicles need to be profitable, and if they’re not profitable based on where the customer is and the market is, we will . . . make those tough decisions,” said chief financial officer John Lawler.
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