Ford Motor Company has scrapped plans for an electric sports utility vehicle at a potential cost of up to $1.9 billion as car-buyers fail to show enough enthusiasm for electric vehicles and increased competition forces manufacturers to reduce prices.
The American carmaker said on Wednesday that it would no longer manufacture its planned three-row of seats electric SUV and would instead make a hybrid model.
Ford said the scrapped model would not have been able to turn a profit in the first year after launch, citing EV buyers who are more cost-conscious than early adopters, while scores of new models are due to hit the market over the next 12 months, putting pressure on prices.
Slowing growth in demand for EVs and increased competition has