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Ford Cuts Production of High Profile Vehicle as Demand for Electric Cars Slumps

Ford Motor company announced on Friday that it is reducing production of the F-150 Lightning, an electric pickup that has generated considerable interest since its introduction almost two years ago.

Tesla has also reduced vehicle prices in Europe and China, and its stock has dropped significantly this month.

Hertz announced last week that it would be replacing 20,000 electric vehicles with gas-powered vehicles in its rental fleet.

In the interim, the Arctic storm that impacted a significant portion of the northern United States served as a vivid reminder of an unfavorable aspect of electric vehicle ownership: diminished battery performance during frigid weather.

This phenomenon has caused some EV owners to lose motivation and has dealt the electric vehicle industry a severe case of negative publicity.

EV sales continue to increase in the United States and internationally, but the rate of growth and the fervent enthusiasm surrounding the EV narrative have slowed.

The nascent electric vehicle (EV) market, which was once marked by extensive waiting lists and fast-paced manufacturing processes, has transitioned into a state of inventory backlog and diminished aspirations.

Numerous automobile purchasers are reportedly intrigued by the technology but hesitant to convert due to concerns regarding charger availability and higher prices, according to surveys.

Ford has rushed to expand its Lightning plant in Dearborn, Michigan, for the past two years, citing a significant backlog of buyers for the battery-powered pickup vehicle.

However, the company announced on Friday that it was reducing the number of shifts at that factory from two to one and relocating approximately two-thirds of its 2,100 hourly employees, primarily to facilities that produce gas-powered vehicles.

Although EV sales continue to expand at a higher rate than the overall U.S. automobile market, this trend has slowed in recent months.

This has fueled concerns regarding the number of purchasers for the dozens of new models that will be introduced to dealerships this year.

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