Ford Ditching Plans For EV SUV As Market Struggles Continue

Ford said Wednesday that it is canceling its plans to build a three-row electric SUV as the wider U.S. electric vehicle (EV) market continues to struggle.

The company announced that it expects to take up to $1.9 billion in write downs and other special charges related to its decision after losing billions of dollars on its EV product line in 2023. In addition to canceling its three-row electric SUV, Ford is also pushing back its plans to roll out an electric pickup truck model until 2027, a one-year setback.

Ford initially delayed its three-row electric SUV plans by two years earlier in 2024, pushing its launch date from 2025 to 2027. On top of announcing that it could take up to $1.9 billion in charges and write-downs, Ford lost about $130,000 on each EV it sold in the first quarter of 2024.