Biden Says the EV Market is ‘Rapidly Growing.’ Ford Just Halved Its Electric Truck Production.
13th December 2023
The White House on Monday released a “Bidenomics” report that touted the “rapidly growing” electric vehicle market. Just hours later, Ford announced plans to cut the production of its electric truck in half, citing insufficient demand.
The report, which came from White House chief economist Heather Boushey, claimed the “U.S. consumer market for EVs is rapidly growing” and touted President Joe Biden’s efforts to meet that “growing demand by setting ambitious goals for accelerating the EV transition.” Ford threw cold water on those claims hours later, when a leaked memo from the automaker revealed that it plans to produce just 1,600 F-150 Lightnings per week in 2024, a significant reduction from the 3,200 it initially planned to produce. The memo said “changing market demands” motivated the cuts.
“We’ll continue to match production with consumer demand,” a Ford spokeswoman said.