Ford to double F-150 hybrid pickup production as EV sales growth slows

DETROIT — Ford Motor plans to double production of a hybrid model of its F-150 pickup truck as the corporate grapples with slower-than-expected sales of its all-electric autos.

Ford expects to improve sales of the V-6 hybrid mannequin through the 2024 mannequin yr to roughly 20% within the U.S. The automaker declined to launch particular production figures, nevertheless it possible equates to tens of 1000’s extra of the hybrid autos.

Achieving that production goal could also be harder than traditional, as Ford and its crosstown rivals face a potential strike by the United Auto Workers later this week that might shutter some or all of their U.S. factories. Ford, General Motors and Stellantis should obtain separate offers with the UAW for 146,000 autoworkers by 11:59 p.m. Thursday to keep away from potential work stoppages.

The hybrid plans observe Ford CEO Jim Farley saying in late July that the Detroit automaker would quadruple the corporate’s production of gas-electric hybrids as it continues to improve EV production however at a slower tempo than beforehand introduced.

“We are balancing growth, profitability and returns,” Farley stated throughout an earnings name. “At the identical time, we consider demand for our inside combustion and our hybrid portfolio shall be sturdy with the window of growth … doubtlessly longer and richer than most anticipated.”

Kumar Galhotra, president of Ford’s conventional “Blue” enterprise unit, stated Tuesday he believes the F-150 may turn out to be the best-selling hybrid in North America, a crown traditionally owned by Toyota Motor‘s RAV4 or Prius.

Ford’s renewed focus of hybrid autos, together with pushing again a goal to hit 2 million by 2026, could also be good for the union, as it retains many engine manufacturing jobs for the foreseeable future.

Hybrid autos sometimes embrace inside combustion engines with small batteries that may enhance efficiency and gas economic system. They differ from plug-in hybrid electrical autos which have bigger batteries and want to be plugged in like all-electric autos to make the most of the advantages of the electrification.

Ford declined to launch particular pricing for the 2024 F-150 with a 3.5-liter V-6 “PowerBoost” hybrid mannequin, which is at the very least a $2,500 possibility on present fashions and commonplace on a roughly $83,000 F-150 Limited mannequin.

John Emmert, Ford truck common supervisor, stated the choice to improve production adopted demand for hybrid fashions outpacing production capability for the F-150 and Ford Maverick small pickup. For the Maverick, hybrids quantity to greater than 60% of its sales.

“I definitely suppose that hybrid, our PowerBoost hybrid, assist people transition into full electrical,” Emmert advised CNBC. “Hybrid is a step towards electrification, and for some individuals proper now that electrification is not the very best answer for them.”

This is not the primary time Ford has introduced a dramatic change in its engine lineup to enhance gas economic system and efficiency. The automaker is well-known for its twin-turbocharged EcoBoost engines, which many questioned when introduced for the 2011 pickup however now powers a majority of F-150 autos bought.

“We construct an F-150 for each use case for each buyer’s wants,” Emmert stated, citing some prospects nonetheless want V-8 engines for towing and vary, whereas the all-electric F-150 Lightning is probably not perfect for some in rural areas.

Ford stated the hybrid engine shall be out there for a similar value as the corporate’s 3.5-liter V6 EcoBoost engine.

The doubling of F-150 hybrid production was introduced in connection to Ford revealing a refreshed variations of the truck for the 2024 mannequin yr. Ford stated the whole lineup will begin at $35,570 however declined to launch different particulars. The 2023 F-150 begins at $34,585.

The F-150 hybrid will function an out there 430 horsepower and 570 lb.-ft. of torque. Ford stated the hybrid will provide essentially the most of any F-Series pickup outdoors of the Raptor and Raptor R V-8 performance models, nonetheless it didn’t launch the total vary of specs.

Aside from exterior and inside updates, the 2024 F-150 features a new tailgate design that enables prospects to entry the automobile’s mattress like a conventional door as effectively as a conventional drop-down tailgate and a bunch of recent security and comfort options.