Hyperdrive

Ford Blames EV Price War for Delay in Plans to Boost Output

EV sales sagged in the quarter as Ford cranked up production
Investors remain skeptical of Ford’s ambitious EV targets

Vehicles for sale at a Ford dealership in Colma, California.
Photographer: David Paul Morris/Bloomberg

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By Keith Naughton

July 27, 2023 at 8:11 PM UTC

Updated on

July 27, 2023 at 11:09 PM UTC

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Ford Motor Co.’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles.

The automaker on Thursday said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be making 2 million EVs a year by the end of 2026.