Ford Motor Company (F) is pausing the production of its all-electric F-150 Lightning pickup truck for multiple weeks amid shrinking consumer demand for its electric models, as per a report in the Wall Street Journal. The Rouge Electric Vehicle Center in Dearborn, Michigan, where the pickup trucks are manufactured, will be offline from mid-November till January 6, according to the report. Ford hasn't issued an immediate response to request for comments.
This halt follows after the auto giant decided to cut back F-150 Lightning production in April by operating only a single shift at the production facility. On a similar note, Ford Model e, the electric vehicle (EV) segment of the company, reported a loss of $1.2 billion for the third quarter, with revenue dropping by one-third compared to last year. Looking at year-to-date figures, the unit's revenue has dipped by 43% in the first nine months of 2024 compared to the same period in 2023.
Contrarily, competing automaker General Motors (GM) demonstrated higher EV profitability when it published its earnings earlier this month. Ford saw its stocks drop by 8% on Tuesday following the release of its third-quarter results, resulting in a year-to-date decrease of roughly 15%. The stocks ended Thursday with a lesser decline of less than 2%.