Ford Motor Co (NYSE: F) said it is delaying the launch of all-new three-row electric vehicles at the assembly complex in Oakville, Ontario, to 2027 from 2025.
The company expects the additional time to allow the consumer market to develop further and enable it to take advantage of emerging battery technology.
Ford noted equipment installation is underway at the Tennessee Electric Vehicle Center assembly plant at BlueOval City, which aims to begin customer deliveries of the next-generation electric truck in 2026.
Last year, the company said it aimed to begin production of an all-new EV truck in late 2025 with the goal of building 500,000 electric trucks annually, reported Reuters.
Ford expects to begin tool installation at the Ohio Assembly Plant in spring 2025.
By the end of the decade, the company expects to offer hybrid powertrains across its entire Ford Blue lineup in North America.
In the first quarter of 2024, Ford's electric vehicle sales increased by 86% and hybrid sales rose 42% versus a year ago.
"As the No. 2 EV brand in the U.S. for the past two years, we are committed to scaling a profitable EV business, using capital wisely and bringing to market the right gas, hybrid and fully electric vehicles at the right time," said President and CEO Jim Farley.
The company also plans to work with Unifor to mitigate the impact the launch delay will have on its workforce at Oakville.
Price Action: F shares are trading higher by 1.72% at $13.89 on the last check Thursday.