Apr 4, 2024 - Economy

Ford delays new EVs

An EV plug is plugged into a Ford Mustang Mach-E

A Ford Mustang Mach-E electric vehicle charging. Photo: Patrick T. Fallon / AFP via Getty Images

Ford today said it's delaying new electric vehicles as consumer adoption trails expectations.

Between the lines: Ford said it will push back the launch of a new EV pickup from 2025 to 2026 and new three-row SUV EVs from 2025 to 2027.

  • "The additional time will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology, with the goal to provide customers increased durability and better value," the company said in a statement.

The big picture: The announcement comes two days after Tesla reported a surprisingly steep slump in first-quarter sales, underscoring the broader challenges for the EV market.

  • Smaller companies are also running into a wall, as EV startup Fisker is reportedly weighing a bankruptcy filing.

Yes, but: Ford said it's continuing construction on several new facilities that will build or design future EVs and components.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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