Home Hardware Tutorial Hardware News Ford shelves three-row EV SUV project while its Ford Model e business bleeds over $1.1 billion as EV market softens

Ford shelves three-row EV SUV project while its Ford Model e business bleeds over $1.1 billion as EV market softens

Aug 22, 2024 am 06:36 AM
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Ford shelves three-row EV SUV project while its Ford Model e business bleeds over .1 billion as EV market softens

Ford has shelved its initial three-row EV SUV project due to internal projections indicating the vehicle will not become profitable within the first 12 months after release. Model e, Ford’s EV business, continues to bleed money with an EBIT loss of $1.143 billion in Q2 2024 due to the costs of converting to EV vehicle production. Ford Blue, Ford’s internal combustion engine (ICE) business, continues to make money with an EBIT gain of $1.171 billion.

EV charger and range limitations along with higher-than-ICE vehicle pricing has led to reduced EV demand in America during 2024. The lithium battery pack in the Ford 150 Lightning EV truck costs $30,000 to $40,000 alone. Despite such a large battery, the range of the truck drops below 120 miles when towing, adding hours of charging to work days. Until the company can tackle the cost and range challenges, Ford plans to utilize hybrid engines for its upcoming three-row SUVs instead.

Price challenges from Chinese competitors like BYD also continue to threaten EV profitability. BYD is a vertically integrated EV vehicle manufacturer in China, with the ability to manufacture its own lithium batteries more cheaply. This allows the company to launch $14K EVs such as the BYD Seagull.

BYD can make superior Lithium Iron Phosphate (LFP) batteries, which are less resistant to catching fire, while Ford must continue purchasing LFP and Lithium Nickel Cobalt Manganese (NCM) batteries until its LFP plant becomes operational in 2026. Ford’s upcoming mid-sized EV truck has been pushed back to the second half of 2027 to take advantage of the battery cost savings offered by this plant.

Both LFP and NCM battery technologies are limited by their energy densities, so heavy three-row SUVs and trucks will need hybridization to achieve usable working ranges and non-stop operation when towing or loaded. Readers who wonder why they need a 6,000 lbs. SUV with a $30,000 battery to move their 200 lbs. bums around town might want to look into riding an electric scooter (like this one on Amazon) with a helmet (like this one on Amazon). Even Toyota admits that launch of its ultra-long-range, fast-charging, bipolar lithium battery won’t arrive until 2027.

The move by Ford to cancel its three-row EV SUV will reduce annual EV capital expenditures from 40% to 30% of total company expenditures. This cut also comes with a $400 million write-down of dedicated assets as well as $1.5 billion in potential cash expenditures and expenses to wind down the project.

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