Ford to cut F-150 Lightning production by 50% in 2024 By Investing.com

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<span>© Reuters. Ford (F) to cut F-150 Lightning production by 50% in 2024</span><br />
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<p>Automotive News reports Monday that Detroit automaker, Ford Motor (NYSE:) has sent a memo to suppliers with plans to cut production on the company’s F-150 Lightning electric pickup truck by half in 2024.</p>
<p>“Changing market demand,” was the reasoning given for the steep pullback.</p>
<p>The announcement arrives during a period when the entire industry is reducing its investment in electric vehicles due to slower-than-anticipated sales growth. Ford announced during the company’s 3Q call in early November that the company would be pulling back production of their popular electric Mustang Mach-E.</p>
<p> “We are also slowing down several investments, including making a decision with SK On to delay the second BlueOval SK JV battery plant in Kentucky.” Lawler added during the conference call in late October.</p>
<p>Ford CEO, Jim Farley announced early this month that the F-150 Lightning broke a monthly sales record in November after sales more than doubled (+113%) for the EV truck.</p>
<p>Ford sold more Lightning models in November than its entire sales for the third quarter, reaching 3,503 units sold.</p>
<p>As a pickup truck, the Lightning EV competes directly with Tesla’s (TSLA) freshly launched Cybertruck.</p>
<p>However, where the Cybertruck holds a starting price of $79.990, the F-150 Lightning starts at $49,995. </p>
<p>Shares of F are up 0.45% after market close on Monday.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/ford-to-cut-f150-lightning-production-by-50-in-2024-432SI-3254303">Source link </a></p><p>The post <a href="https://forextraderhub.com/ford-to-cut-f-150-lightning-production-by-50-in-2024-by-investing-com.html">Ford to cut F-150 Lightning production by 50% in 2024 By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>