Ford Rethinks EV Strategy Amid Losses, Toyota Boosts US EV Production

Ford announces strategic shift in EV development focusing on affordability, while Toyota invests $1.3 billion in US factory for electric SUV production.

Ford plans to develop low-cost EVs to compete with Tesla and Chinese manufacturers, focusing on smaller, more affordable models.
Toyota invests an additional $1.3 billion in its Kentucky factory for the production of a three-row electric SUV, marking its first US-made EV.
Ford's EV division, Model e, reported a $4.7 billion loss in 2023, prompting a reassessment of its EV strategy and investments.
Toyota's decision to focus on hybrid vehicles contributes to a projected annual profit of $30 billion, highlighting a cautious approach to full electrification.
Ford's CEO Jim Farley emphasizes the importance of profitability for the company's next-generation EVs, aiming for them to be profitable within the first 12 months of launch.