Ford is halving production of its F-150 Lightning electric pickup in 2024. The automaker told suppliers that it now plans to produce 1,600 of the trucks instead of 3,200, starting January 1, 2024. Said a Ford spokesperson to ArsTechnica, “we will continue to match Lightning production to customer demand.”
There have been reports in the U.S. regarding growing inventories and stagnating sales for weeks now, and not just when it comes to the F-150 Lightning. To a certain extent, that dip in demand was to be expected, as the early and enthusiastic adopters created an early goldrush for the EV that was bound to tail off once new owners had fob in hand.
Demand for the Lightning may also have been affected by price hikes imposed on the model by Ford early in the year. That said, sales of the model continue to climb in absolute numbers. For the year-to-date in 2023, sales in the U.S. are up by 54 percent over last year.
Still, there is clearly an adjustment being made to projections. Recall that in October, Ford temporarily reduced production of the F-150 Lightning, sending some 700 workers home for a time.
The automaker’s production target of 3,200 models per week would have put it on track to hit its goal of reaching an annual production of 150,000 units. Clearly, Ford doesn’t think it will be able to sell anywhere close to that number, given current market trends in the EV sector.
Because, in case you’re wondering, production of the gas-powered F-150 models continues with no slowdown.
The larger picture shows Ford pulling back somewhat on its EV investments and production targets. The $12 billion earmarked for work on EV technologies is in limbo for the moment, as is work on Ford’s battery plant in Kentucky.