Auto maker Ford is cutting production of the all-electric F-150 Lightning, while increasing production of Bronco and Ranger vehicles.
JEFF KOWALSKY/GETTY IMAGES Ford Motor had some good and bad news for investors on Friday. Demand for the Bronco and Ranger looks strong, but Ford is cutting production of its all-electric F-150 Lightning pickup truck again.
Ford’s electric vehicles haven’t been selling as well as the company expected. About 1,400 workers will be impacted at Ford’s Rouge Complex in the Detroit metro area as the company moves to one shift of Lightning production. That should cut electric-truck production to roughly 2,000 a week, or less, from 4,000. Ford declined to comment on precise numbers.
Ford, however, was selling about 3,000 to 4,000 Lightnings a month at the end of 2023. For the full year, Ford sold 24,165 F-150 Lightnings in the U.S. in 2023, up from 15,617 in 2022. The company “expects continued growth in global EV sales in 2024, though less than anticipated, and is preparing to launch next-generation EVs,” read part of the news release.
Ford also sells the all-electric Mustang Mach-E as well as hybrid vehicles.
Lightnings accounted for about 3% of total F-150 sales in the U.S. in 2023. Ford was hoping that penetration would be, at least, double that before production problems and weaker demand impacted sales.
On the plus side of the ledger, the Friday announcement also includes 1,600 new jobs for a “third crew” at the Michigan Assembly Plant, also in the Detroit metro area, and Rouge Complex to boost production of the Bronco and Ranger.
Ford sold 105,665 Broncos in the U.S. in 2023, down from 117,057 in 2022. Ranger sales came in at 32,334 units, down from 57,005 in 2022.
Ford stock was down 0.6% at $10.93 on Friday. The S&P 500 and Dow Jones Industrial Average were both up about 0.1%.
Coming into Friday trading, Ford shares have fallen about 5% over the past three months, and down about 10% over the past 12 months. Slowing EV sales growth, labor negotiations, high car prices, high interest rates, and the health of the U.S. economy have all weighed on investor sentiment.
Write to Al Root at allen.root@dowjones.com