Ford to double F-150 hybrid pickup manufacturing as EV gross sales progress slows

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

Ford expects to extend gross sales of the V-6 hybrid mannequin through the 2024 mannequin 12 months to roughly 20% within the U.S. The automaker declined to launch particular manufacturing figures, nevertheless it probably equates to tens of hundreds extra of the hybrid automobiles.

Achieving that manufacturing goal could also be tougher than standard, as Ford and its crosstown rivals face a possible strike by the United Auto Workers later this week that would 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 comply with Ford CEO Jim Farley saying in late July that the Detroit automaker would quadruple the corporate’s manufacturing of gas-electric hybrids because it continues to extend EV manufacturing however at a slower tempo than beforehand introduced.

“We are balancing progress, profitability and returns,” Farley stated throughout an earnings name. “At the identical time, we imagine demand for our inside combustion and our hybrid portfolio might be sturdy with the window of progress … 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 develop into the best-selling hybrid in North America, a crown traditionally owned by Toyota Motor‘s RAV4 or Prius.

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

Hybrid automobiles usually embody inside combustion engines with small batteries that may enhance efficiency and gas financial system. They differ from plug-in hybrid electrical automobiles which have bigger batteries and should be plugged in like all-electric automobiles 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 not less than a $2,500 choice on present fashions and customary on a roughly $83,000 F-150 Limited mannequin.

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

“I definitely assume that hybrid, our PowerBoost hybrid, assist of us transition into full electrical,” Emmert informed CNBC. “Hybrid is a step towards electrification, and for some individuals proper now that electrification is not the very best resolution for them.”

This is not the primary time Ford has introduced a dramatic change in its engine lineup to spice up gas financial 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 automobiles offered.

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

Ford stated the hybrid engine might be obtainable for a similar worth as the corporate’s 3.5-liter V6 EcoBoost engine.

The doubling of F-150 hybrid manufacturing was introduced in connection to Ford revealing a refreshed variations of the truck for the 2024 mannequin 12 months. 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 obtainable 430 horsepower and 570 lb.-ft. of torque. Ford stated the hybrid will supply probably the most of any F-Series pickup exterior of the Raptor and Raptor R V-8 efficiency fashions, 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 clients to entry the automobile’s mattress like a standard door in addition to a standard drop-down tailgate and a number of latest security and comfort options.