Ford Motor Co. (NYSE:F) announced that it will delay the launch of its electric Sports Utility Vehicle (SUV) and pickup truck. The automobile company stated that it will delay the launch of its new three-row electric vehicles at its Ontario plant to 2027 from 2025.
The company stated that postponing the launch will provide time for the three-row EV consumer market to develop further, and allow it to use advancements in battery technology effectively.
In addition, Ford delayed the deliveries of a new electric truck from its upcoming facility in Tennessee until 2026. Furthermore, Ford stated that it intends to produce an all-new electric commercial vehicle for Ford Pro customers beginning in the middle of this decade at its Ohio Assembly Plant in Avon Lake.
The company is also expanding its hybrid EV offerings and anticipates that it will offer hybrid powertrains across its entire Ford Blue lineup in North America. Ford is increasingly focusing on EVs and hybrid vehicles, as indicated by its sales in Q1. The company’s EV sales increased by 86% while sales of its hybrid vehicles grew by 42% year-over-year.
Is Ford Stock a Buy Right Now?
Analysts remain sidelined about Ford stock, with a Hold consensus rating based on five Buys, six Holds, and four Sells. Over the past year, Ford has increased by more than 10%, and the average Ford price target of $13.52 implies a downside potential of 0.6% at current levels.
