Ford Motor Company recently announced changes to its product and investment strategy, emphasizing a redeployment of capital to trucks, hybrids and more affordable electric vehicles (EV) as part of its plan to sharpen the Ford+ strategy and drive profitable growth.
As part of the strategy realignment, the next-generation F-150 Lightning will be an Extended Range Electric Vehicle featuring electric torque with a generator-backed range estimated at more than 700 miles.
The company will no longer produce a previously planned electric commercial van for Europe but will continue to maintain its full lineup of electrified vans for that market. Ford will also replace its planned electric commercial van for North America with a new gas and hybrid models, as well as expand its range of hybrid vehicles.
The focus of its North American EV development will be on a new Universal EV Platform that will support multiple new electric models. Ford’s Universal EV Platform is designed to underpin multiple future vehicles, including a series of smaller and more affordable EVs, which will be developed to meet customer needs and driving growth, according to the company.
The OEM also emphasized its commitment to offering a broad range of propulsion choices, including gas, hybrid and electric, as it rebalances capital toward segments it views as aligned with customer demand. The updated strategy is intended to better align vehicle offerings with evolving customer demand and deliver profitable growth across its portfolios.
Last week, SK announced that it had ended its joint venture with Ford to build battery factories in the U.S. This news was followed by an announcement that the OEM terminated an EV battery supply deal worth approximately $6.5 billion with LG Energy Solution.
