Ford to trim workforce at plant that builds its F-150 Lightning as sales of electric vehicles slow

DETROIT (AP) — Ford (F) will drastically cut the number of hourly workers at its factory that builds the Ford F-150 Lightning as sales of electric vehicles slow, according to a media report.  

Ford began the year by cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. 

While EV sales are growing in the U.S., the pace is falling well short of the industry’s ambitious timetable and many consumers are turning to hybrid vehicles instead. 

Ford sold just over 24,000 Lightnings last year, up 55% from 2022. But dealers are reporting slower sales and rising inventories on the electric truck, which starts at just under $50,000.