Ford scraps plans for electric SUV

Ford previously pushed back the project only to cancel it amid stiff price competition as electric vehicle manufacturers struggle to move their product

By Terrance Kible

Published: August 21, 2024 10:14am

Updated: August 21, 2024 10:28am

Ford Motor announced Wedneday it has scrapped plans for a large electric SUV.

The reversal will reportedly result in $1.9 billion in write-downs and special charges.

Ford's course change comes amid lower-than-expected demand for electric vehicles, The Wall Street Journal reported.

This spring, Ford, a major U.S. automaker, delayed plans for the electric SUV to 2027. Ford blamed the cancellation on pricing pressuring as other automakers use aggressive discounts to move electric vehicles.

Ford has another electric vehicle project for a pickup truck, which the company recently pushed back to 2027.

"Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions," Ford chief financial officer John Lawler said.