Ford Motor Co. (F) has halted production and shipments of its fully electric F-150 Lightning pick-up truck due to a battery issue.
Ford has not said exactly what the issue is with the battery, but the company has issued a
“stop shipment order” on all F-150 Lightning vehicles.
The Detroit automaker has also not set a timeline for when production and shipments will resume. However, Ford has said that dealers can safely continue to sell the F-150 Lightning vehicles they have on their lots.
The F-150 Lightning is being closely watched by analysts and investors as it’s the first electric pick-up truck from Ford. The traditional F-150 pick-up truck has consistently been the bestselling vehicle in North America since the mid-1970s.
News of the F-150 Lightning production halt comes shortly after Ford issued weak fourth quarter earnings.
The company recently reported that its Q4 2022 net income came in at $1.3 billion U.S., which was $11 billion U.S. lower than in the same quarter a year earlier.
For all of 2022, Ford lost $2 billion U.S. compared to a $20 billion U.S. profit in 2021.
Company executives said the disappointing results were due to execution and supply chain issues.
Ford’s stock has declined 28% over the last year to $12.97 U.S. per share.
