Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise
Publishing timestamp: 2023-11-21 12:19:12
Summary
Ford is scaling back plans for a $3.5 billion battery plant in Michigan due to slower-than-expected consumer adoption of electric vehicles, rising labor costs, and the need to cut costs. The decision reflects a broader retreat from EVs by automakers globally. Ford will reduce production capacity and expected employment at the plant. The company attributes the decision to factors such as demand, affordability, and the need to ensure a sustainable business. The plant is still expected to open in 2026.
Sentiment: NEGATIVE
Keywords: environment, breaking news: business, business, autos, business news, ford motor co, tesla inc, personnel, transportation, labor economy,
Source: https://www.cnbc.com/2023/11/21/ford-scales-back-ev-battery-plant-in-michigan.html