Ford Motor Co. said that it would reduce the number of workers making its F-150 Lightning truck as demand for electric vehicles continues to weaken.
About 1,400 employees will be impacted as the Rouge Electric Vehicle Center transitions to one shift beginning April 1, the Dearborn, Michigan-based automaker said Friday in a statement.
The company said it expects continued growth in global EV sales in 2024, though it will be less than anticipated. Last month Bloomberg reported that Ford would cut production goals for the F-150 EV in half this year.
In a sign that traditional gasoline-powered vehicle demand remains strong, Ford also said that it was hiring nearly 900 new employees and adding 700 employees from its Rouge Complex for a third shift at its Michigan Assembly plant. This will allow the automaker to increase production of Bronco and Bronco Raptor sport-utility vehicles, and Ranger and Ranger Raptor pickup trucks.
Ford shares fell 0.8% to $10.90 as of 9:38 a.m. in New York on Friday.
Read more at Fortune.com
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