Ford Motor is reshuffling its electric vehicle plans, killing its three-row SUV and delaying its next-generation pickup while adding a new pickup and van to its future lineup as it adjusts to slower-than-expected EV growth.
The automaker will take a special non-cash charge of about US$400 million for the write-down of certain assets for the previously planned three-row SUVs, which may also result in additional expenses and cash expenditures of up to $1.5 billion.
The slowdown in demand for EVs has caused automakers such as Ford, General Motors and others to delay or cancel plans to avoid spending heavily on vehicles that consumers are not buying as quickly as anticipated.
Ford CEO Jim Farley has been touting the company's team in California which has been developing an architecture for affordable EVs. The first vehicle on that new technology will be a mid-size electric pickup released in 2027, the company said Wednesday.
"The work of this highly talented team has evolved into a critical enabler of our electric vehicle strategy. These electric vehicles will be lower cost, and not compromised in any way," Farley said in a statement.
Ford shares rose 1.4 per cent in premarket trading.
The automaker will roll out an electric commercial van at its Ohio Assembly plant starting in 2026, hoping to capitalize on its success in the gas-engine commercial vehicle space.
Meanwhile, the long-awaited successor to Ford's F-150 Lightning electric truck is again delayed, now to the second half of 2027 from an initially planned 2025 launch, a move the company said will allow it to take advantage of lower-cost battery technology.
While Ford is shelving plans to produce an electric three-row SUV, it is moving to hybrid vehicles in that segment, aiming to woo customers with longer-range vehicles for road trips.
(Reporting by Nora Eckert, Editing by Louise Heavens and Bernadette Baum)
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
For some young people, a popular method for getting a quick high is by misusing laughing gas — and lately, that’s in the form of nitrous oxide from products sold by the company Galaxy Gas.
Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.
The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
U.S. Vice President Kamala Harris on Saturday accepted an invitation from CNN to debate former President Donald Trump on October 23, challenging her rival to another engagement on a public stage in the final weeks of the campaign.
A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).
A Calgary family on a trip to Chinook Centre experienced the lows and highs last week, when a stuffie went missing.
Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
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Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip’s lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
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Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
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Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
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An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
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A man is fighting for his life in hospital a day after a vehicle smashed into several others in and around an intersection in Milton before flipping over.
Milla White from Cochrane literally drew her way into a meeting with former boxer and actor Mickey Rourke.
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Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.
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The St. Thomas police is asking the public for help locating a missing man.
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The Amherstburg Freedom Museum is celebrating a year of festivities in anticipation of its 50th anniversary in 2025.
The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
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Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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