Ford is backing away from its planned all-electric three-row SUV.
The automaker said Wednesday that it will not produce the vehicle, and instead "now plans to leverage hybrid technologies for its next three-row SUVs."
The cancellation of the SUV will result in a roughly $400 million write-down of "certain product-specific manufacturing assets," according to the company.
Ford signage at a dealership in Richmond, California, on June 21, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
That move came as part of a wider update to Ford’s electrification strategy that the company said will involve altering its North American vehicle roadmap and other measures.
Ford said it was "taking additional actions to deliver a profitable, capital efficient and growing electric vehicle business and add even more propulsion choices for customers that generate lower CO2 emissions."