Ford Shifts Focus to Hybrids, Delays EV Plans Amid Cost Pressures
Ford is canceling its electric three-row SUV and delaying its next-gen electric truck to late 2027, aiming to cut costs amid weakening EV demand. Instead, Ford will focus on hybrid technology for its upcoming SUVs, resulting in a $400 million write-down and potential costs up to $1.5 billion. The shift will reduce Ford's EV capital expenditures and refocus efforts on a new commercial van and a mid-sized electric pickup, set for release in 2026 and 2027, respectively. CEO Jim Farley stressed the importance of affordable battery production, with new battery cells to be produced in Kentucky and Tennessee by 2025.
Gas Prices Continue Decline for Fourth Week, Hitting Lowest Levels Since February
The national average price of gasoline has declined for the fourth consecutive week, now at $3.31 per gallon, down seven cents from last week and 20.7 cents from a month ago, according to the U.S. Energy Information Administration (EIA). This marks the lowest average since February, with nearly 20% of gas stations selling fuel at $2.99 or less. Diesel prices have also dropped to their lowest since January 2022. Regional prices have decreased across the board, with the Midwest and Rocky Mountain regions seeing the largest weekly declines. Seven states now have gas prices below $3 per gallon, and more are expected to follow if the trend continues.
Ford Model Cutoffs
Effective 9/13/24, Ford will be cutting off orders for the following models: