Ford F-150 Lightning EV production, shipments halted due to potential battery issue


In a blow to the company’s growing EV ambitions, Ford (F) today confirmed it is halting production and shipments of its F-150 Lightning electric pickup due to a potential battery issue.

“I can confirm a Stop Build and In-Transit Stop Ship for F-150 Lightning,” Ford spokesperson Emma Bergg said in a statement. “As part of our pre-delivery quality inspections, a vehicle displayed a potential battery issue and we are holding vehicles while we investigate.”

The production and shipment halt was first reported by Motor Authority.

Ford also said it is unaware of any incidents or issues stemming from this potential issue with trucks already sold and that it is not issuing a “stop-sale” directive to dealers regarding F-150 Lightnings that are already at dealer lots and cleared for scheduled delivery.

“The team is diligently working on the root cause analysis,” Ford said in a statement to CNBC, adding that the automaker ordered the production and shipment halt at the beginning of last week due to the issue.

Any hiccups with regards to Ford’s EV rollout and execution plan is of great concern to investors as the company attempts to transform its identity into an EV-first company. The company’s latest earnings report was a disappointment for investors as “execution issues” marred what could have been a strong quarter. CEO Jim Farley noted the company left $2 billion in profits on the table and that the company is still learning how to improve on EV production.

A battery issue in particular with the F-150 Lightning is noteworthy given the company just announced a deal yesterday to build new LFP batteries at a new plant in Michigan with CATL. Ford uses South Korea’s SK On as its battery supplier for the F-150 Lightning.

This story is developing.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *