In 2024, Ford (NYSE: F) intends to treble the amount of hybrid F-150 pickup trucks it produces, speeding the automaker’s shift to gas-electric powertrains as a precaution against American truck purchasers’ reluctance to switch to all-electric vehicles. In 2024, Ford claimed it is planning to equip 20% of the top-selling model line in the US …
In 2024, Ford (NYSE: F) intends to treble the amount of hybrid F-150 pickup trucks it produces, speeding the automaker’s shift to gas-electric powertrains as a precaution against American truck purchasers’ reluctance to switch to all-electric vehicles. In 2024, Ford claimed it is planning to equip 20% of the top-selling model line in the US with gas-electric powertrains. According to the manufacturer, a truck with a hybrid powertrain will be priced the same as one with a six-cylinder “EcoBoost” combustion engine for the 2024 model year.
Vice President of Ford Blue unit Andrew Frick told Reuters, “We are building some upside into the production schedule.” According to Frick, demand for hybrid powertrains, which are now available as a $3,300 option on some F-150 models, has increased to 10% of all F-150 sales. The hybrid F-150 may compete with Toyota Motor (NYSE:TM)’s RAV 4 small SUV for the title of top-selling gas-electric vehicle in the United States if sales reach Ford’s revised estimates. Toyota also provides a hybrid technology in their large pickup trucks, the Tundra. According to the automaker’s sales statistics, 59,735 Tundra were acquired with hybrid powertrains in the United States as of June 30. During the same time period, Ford sold almost six times as many F-series trucks. In advance of the Detroit auto show’s public opening on Saturday, Ford unveiled the lineup of its updated 2024 F-150 models on Tuesday evening during a special event. Contrary to competitor General Motors (NYSE:GM), which is pursuing an all-electric approach for its future U.S. vehicle range, including its Chevrolet and GMC pickup models, Ford has shifted its strategy towards increasing the usage of hybrid technology. In the US, the popularity of gas-electric hybrid powertrains is on the rise, led by Ford and Toyota.
As many buyers object to high EV prices and have reservations about driving range and charging, electric vehicle sales in the United States are increasing, but more slowly than industry executives had anticipated. Towing a trailer drastically lowers an electric truck’s range for pickup clients. According to S&P Global Mobility, the number of hybrid vehicles sold in the United States will more than quadruple over the next five years, reaching 24% in 2028. Should demand for EVs such as the F-150 Lightning pickup fall short of expectations, high volume sales of hybrid trucks would aid Ford in complying with stricter U.S. climate pollution regulations.
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