FORD SCALES BACK PRODUCTION OF THE F-150 LIGHTNING TO KEEP PACE WITH EVOLVING EV MARKET

By Isabelle Havasy

Ford Motor Co. is significantly reducing its production plans for the F-150 Lightning electric pickup in 2024, cutting the initial output target by half. Initially aiming to produce 3,200 Lightnings per week, Ford now plans for approximately 1,600 units weekly at its Rouge Electric Vehicle Center in Dearborn, Michigan. This adjustment aligns with a broader industry trend of scaling back electric vehicle (EV) investments due to slower sales growth than anticipated.

Despite the enthusiasm shown in early 2022 for the all-electric F-150 and efforts to triple production capacity, recent market conditions have led to a reassessment. In October, Ford temporarily reduced its workforce by approximately 700 by idling one shift at the Lightning plant. These changes are part of Ford’s larger strategy to balance production with customer demand, a move mirrored by other automakers facing similar market dynamics.

Interestingly, while overall EV demand has softened, the F-150 Lightning continues to see rising sales, with a record 4,393 units sold in November and a 54% increase in U.S. sales year-to-date. Ford’s approach reflects a cautious but adaptive strategy in the evolving EV landscape, acknowledging both the challenges and opportunities in this sector. CFO John Lawler emphasizes that while EV growth is slower than expected, it remains a growing segment, necessitating thoughtful adjustments to production and investment plans.