Ford slowing electric car rollout as losses mount

AutoExec Summary
Ford is reportedly slowing down its electric vehicle rollout due to projected losses of over US$5.5 billion this year. CEO Jim Farley says the brand may delay upcoming electric models and source more batteries from external suppliers due to a drop in demand in the US EV market. The company is focusing on meeting customer demand for hybrids and is developing a new EV platform to compete with Tesla and Chinese rivals. Sales of hybrid Ford vehicles rose by 25 per cent last year, and the company expects a further 40 per cent increase this year.

Brands mentioned: Ford, Tesla