Ford Motor (F) said Friday it is lowering the production of its F-150 Lightning electric pickups to match customer demand while increasing the output of certain other vehicles.
The decision to cut F-150 Lightning output comes as the automaker seeks to achieve “the optimal balance” of production, profitability, and sales growth, it said in a statement. The company sees continued growth in global electric vehicle sales this year, though less than projected.
Earlier this month, Ford logged an annual gain in fourth-quarter US vehicle sales, pushing its full-year sales to the best level since 2020. Fourth-quarter F-150 Lightning sales surged 74% year over year, while 2023 sales jumped 55%. On Friday, the company forecast “further growth” for the F-150 Lightning EV this year.
“Customers love the F-150 Lightning,” Ford Chief Executive Jim Farley said. “We see a bright future for electric vehicles for specific consumers, especially with our upcoming digitally advanced EVs and access to Tesla’s (TSLA) charging network beginning this quarter.”
The company’s shares were up 1.9% in Friday afternoon trade.
The Rouge Electric Vehicle Center, where the company builds F-150 Lightning, will transition to one shift starting April 1, affecting about 1,400 employees. Ford said some 700 of the impacted workers will transfer to its Michigan Assembly Plant, while the others will be placed in roles at the Rouge Complex or other facilities in southeast Michigan. A “few dozen” employees could be affected at component plants supporting the pickup’s production, the company said.
Ford said it plans to create roughly 900 new jobs and add a third crew at Michigan Assembly Plant to boost output of its Bronco and Bronco Raptor sport-utility vehicles and the new Ranger and Ranger Raptor pickups. The new Ranger and Ranger Raptor vehicles are scheduled to launch in 2024.
“The company is moving nimbly across its global footprint to capitalize on its balanced lineup and serve customers with the right mix of gas-powered, hybrid and electric vehicles while optimizing financial returns,” Ford said.