Ford Cuts Orders for Batteries From Suppliers

The cuts come as the brand hopes to recoup lost expenses in a slowing EV market...

As electric vehicle sales continue to slow, a new report from Bloomberg reports that Ford has cut orders for electric vehicle batteries, but continues to maintain relationships with suppliers. 

The cutback comes as part of a new strategy from the car maker as it hopes to reduce spending for electric vehicles by $12 million over the coming year.

Currently, Ford is projected to lose $5.5 billion on electric vehicles in 2024. This year, the brand is losing around $100,000 per electric vehicle sold as it hopes to recoup costs with an upcoming sub-$25,000 EV model within the next few years.

Read the full report from Bloomberg here.

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