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Archive of posts published in the category: Ford
May
1

Ford, Lincoln Cancel Rivian-Powered Electric Vehicle

Ford and its luxury brand Lincoln have canceled an all-electric SUV that was going to be powered by technology provided by EV startup Rivian, the companies told Automotive News on Tuesday. The Verge reports: Lincoln says it is still working closely with Rivian, including an “alternative vehicle” that will also be based on Rivian’s electric vehicle skateboard platform. “Given the current environment, Lincoln and Rivian have decided not to pursue the development of a fully electric vehicle based on Rivian’s skateboard platform. Our strategic commitment to Lincoln, Rivian and electrification remains unchanged and Lincoln’s future plans will include an all-electric vehicle,” a spokesperson from Lincoln told The Verge in a statement.

Lincoln declined to say what specifically about the pandemic led to the cancellation. “This was a decision that was mutually made by Lincoln and Rivian given the rapidly changing environment and after a review of product plans,” the spokesperson said. “As we moved through the development cycle, we determined that it would be better to pivot from the Rivian’s skateboard platform and focus our development efforts on Lincoln’s own fully-electric vehicle.” This is a pretty big blow, considering Ford invested $500 million in Rivian last year, just two months after Amazon led a $700 million investment in the Michigan-based startup.

CNBC reports that Ford “lost $632 million during the first quarter and warned investors that it expects an adjusted pretax loss of $5 billion during the second quarter as the company grapples with the fallout from the coronavirus pandemic that’s shuttered factories and devastated sales.”

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Apr
7

Ford First-Quarter Vehicle Sales Off 12.5%

Ford Motor  (F) – Get Report reported a sales decline of 12.5% for the first quarter. 

The company sold 516,330 vehicles in the quarter, led by 263,757 trucks and 189,720 SUVs. Truck sales dropped 5.4% and SUVs declined 11%. 

Sedans, of which Ford has been gradually ceasing production for two years, fell 36% to 62,853 vehicles. 

The coronavirus pandemic hit the company’s sales in March, the company said. 

“Our dealers and employees have jumped into action to support healthcare workers, their communities and millions of our customers,” Vice President of U.S. Marketing, Sales and Service Mark LaNeve said in a statement.

The company “is working around the clock on everything from building health-care equipment, assisting our dealership network and providing our customers peace of mind through deferred vehicle payments.”

.Ford’s F-Series line of trucks began the year as the best-selling vehicle in the U.S. with 186,562 vehicles sold. That figure is down 13% from a year earlier, but Ford said the drop reflects the “timing of our fleet sales and weaker retail sales in March due to coronavirus.”

Meanwhile, the company’s Explorer SUV was the country’s bestselling midsize SUV with sales of 56,310 vehicles. 

At last check Ford shares were trading 1% higher at $4.44.

Fiat Chrysler FCAU on Wednesday reported a 10.4% decline in sales

General Motors  (GM) – Get Report reported a 7% decline in first-quarter sales 

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