On May 10th, insiders reported that Ford Motor has started reducing orders from battery suppliers to curb the expansion of losses in electric vehicles. As the plug-in vehicle market rapidly decelerates, Ford is also undergoing a strategic contraction. According to insiders, Ford continues to maintain cooperative relationships with battery suppliers such as SK On, LG New Energy, and CATL.
It is reported that Ford's strategic contraction includes: reducing spending on battery models by $12 billion, delaying new electric vehicles, lowering prices, delaying and contracting planned battery factories. Ford had anticipated a loss of up to $5.5 billion in its electric vehicle business this year. CEO Jim Farley recently stated that the Model e in the electric vehicle department is the main drag on the entire company at the moment.