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Stock impact report

Ford announces its ending production of its full-size electric pickup [CBS News]

Ford Motor Company (F) 
Last ford motor company earnings: 4/28 04:09 pm Check Earnings Report
US:NYSE Investor Relations: shareholder.ford.com
Company Research Source: CBS News
On Monday, Ford announced that it was discontinuing production of the full-size EV pickup. "It didn't make sense to keep plowing billions into products that we knew wouldn't make money," said Ford President and CEO Jim Farley. It was a surprise announcement from the Ford Motor Company that it was ending production of its F-150 Lightning pickup truck. It described the move as a "consumer-driven" decision. The company says it lost billions trying to sell electric vehicles, and some feel the move may signal a big shift in the EV market. Farley said sales had fallen off drastically for the all-electric version of its iconic truck line, which can cost from $50,000 to $80,000. "We saw this happening," he said. "We also saw the more expensive EVs really suffer in the market, and the more affordable EVs do better. And then the last couple months really was remarkable. The EV market in the US went from 12 percent in the industry to only 5." Tom McGloughney hosts a webcast called S Show less Read more
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