Ford is shifting gears on its electric vehicle strategy, abandoning plans for a three-row all-electric SUV and delaying the launch of its next electric pickup truck.
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This pivot comes as the automaker responds to slowing demand for EVs and the intensifying price competition in the market, which has squeezed profit margins. Instead of doubling down on pure electric models, Ford will focus more on hybrid vehicles, which combine traditional fuel with battery power.
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The decision is expected to reduce Ford’s annual capital expenditures on pure electric vehicles from 40% to 30%.
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