Ford Motor Company announced a temporary halt in production of its F-150 Lightning electric pickup trucks from Nov. 18 to Jan. 6, according to a company spokesperson. The six-week pause includes the holiday week in December, when Ford’s U.S. plants are typically closed.
“We continue to adjust production for an optimal mix of sales growth and profitability,” a Ford spokesperson told Reuters.
This decision is part of Ford’s ongoing strategy to scale back its electric vehicle (EV) plans. In August, the company halted plans for a three-row electric SUV and delayed the launch of a new electric version of its F-150 pickup.
The company has seen growth in EV sales this year, which account for just a fraction of total sales. Ford reported a 45 percent increase in Ford-brand U.S. EV sales this year, with F-150 Lightning sales more than doubling to 7,100 units in the third quarter. Overall, electric models represent just 3.6 percent of all F-Series pickup sales.
The company’s third-quarter financial results, which were released on Monday, showed strong performance overall among various categories. According to Ford’s statement, the company reported revenue of $46 billion, marking its 10th consecutive quarter of year-over-year growth.
Ford president and CEO Jim Farley said he was confident of the company’s current position.
“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” he said in the statement.
The automaker’s net income for the quarter was $0.9 billion, down by $0.3 billion from the year-ago period, primarily due to a previously announced $1 billion investment to improve its EV business, it said. Adjusted earnings before interest and taxes (EBIT) improved by $352 million year over year, to $2.6 billion, according to third-quarter results.
Ford Pro, the company’s commercial vehicle segment, showed strong results with an EBIT of $1.8 billion on revenue of $15.7 billion, a 13 percent increase from the previous year. The segment also saw a 30 percent increase in paid subscriptions to Ford Pro Intelligence, reaching nearly 630,000 users.
The results were largely attributed to a “fresh product lineup” and demand for Super Duty trucks and Transit vans, according to the same announcement.
The company’s hybrid vehicle sales increased by 30 percent in the quarter, with Ford leading 77 percent of the U.S. hybrid truck market. Hybrid truck sales alone rose by 42 percent in the third quarter, according to Ford’s report.