Ford hikes EV investment to $5 billion in push for budget models
Despite Ford's embrace of smaller, more affordable EVs, the automaker is still moving forward with plans for a successor to the F-150 Lightning full-size pickup. The automaker has repeatedly delayed its next generation electric F-Series truck and has now pushed its launch to mid-2028, from late 2027, according to a person familiar with the change.
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Ford said in a statement that it has communicated the timing adjustment to its suppliers and employees in June.
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Ford plans to build it at a new $5.6 billion manufacturing compound in Stanton, Tennessee, in 2028. The factory, Ford's first new assembly plant in a half century, is capable of building more than 300,000 trucks a year, far more than the market is now demanding. It was part of Farley's now-jettisoned $50 billion plan to churn out 2 million EVs a year by 2026 and overtake Tesla as the market leader in battery powered models.
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It remains unclear how Ford will fully utilize its new Tennessee factory, though Farley has suggested the plant could also produce extended-range electric vehicles, a new type of plug-in hybrid.
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Ford last year lost $5.1 billion in its EV unit and has said the deficit could widen this year as it brings its new line of battery powered models to life. But Farley has said any new EV at Ford must be both affordable and profitable within its first year on the market. Mainstream consumers have been turned off by the high price of electric vehicles.
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'We have all lived through far too many 'good college tries' by Detroit automakers to make affordable vehicles that ends up with idled plants, layoffs and uncertainty,' Farley said in a statement.
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Ford's big bet on battery-powered models runs up against President Donald Trump's crusade against what he calls an 'EV mandate.' Trump's $3.4 trillion fiscal package is eliminating a $7,500 consumer tax credit on EV purchases and nearly derailed manufacturing subsidies that were critical to Ford's business case for its Michigan battery plant.
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The automaker lobbied furiously to protect those manufacturing credits, including an appeal by Executive Chair Bill Ford, great-grandson of founder Henry Ford.
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