Ford Motor Co. (F) is reducing production of its F-150 Lightning pick-up truck as consumer demand for electric vehicles (EVs) continues to slow.
While the Detroit-based automaker still sees EV sales growing worldwide in 2024, it now expects total sales volumes to be “less than anticipated,” the company said in a news release.
Ford has been adjusting its production schedules following a six-week strike last fall by the United Auto Workers (UAW) union that temporarily shutdown several of its manufacturing plants and cost if billions of dollars in lost revenue.
Ford did not say exactly how much it plans to reduce production of the F-150 Lightning truck in 2024.
However, automakers around the world have begun to shift their focus to gas-electric hybrid vehicles as consumers prefer those models to fully electric vehicles.
Many consumers have been avoiding electric vehicles due to a combination of high prices and a lack of infrastructure such as charging stations on public roads and highways.
Ford’s stock has declined 10% over the last 12 months and currently trades at $10.99 U.S. per share.
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