Ford’s EV already suffering just one month after release as boss admits ‘we produce more than we can sell’
FORD has slashed the production of its new electric car just one month after release.
The motoring giant has admitted the company is producing more of the vehicles than it’s selling.
The Capri was launched in September, following on from the Explorer SUV in June – but both have seen lower than expected sales.
Ford says part of the blame is down to the weak EV market which has seen global sales grind to a halt.
Despite investing $2billion (£1.6million) last year, the latest figures from the European Automobile Manufacturers’ Association put Ford’s total EU sales down 15.3 percent on 2023.
A company spokesman told German newspaper Kölner Stadt-Anzeiger: “We produce more than we can sell.”
It comes after Volkswagen admitted it might be forced to cut thousands of staff, as well as reduce salaries and potentially close factories in Germany due to a slump in sales across the board.
Ford has been accused by Capri devotees of “blasphemy” with its EV version, which they believe is disrespectful to its origins, with little resemblance to its famous namesake.
The Capri and Explorer share platforms with Volkswagen.
Ford launched a major marketing campaign featuring ex Manchester United footballer Eric Cantona with the tag line “the legend is back”.
But it appears the efforts have so far flopped.
A Ford spokesperson also confirmed “the significantly lower than expected demand for electric vehicles, especially in Germany, requires a temporary adjustment to production volumes”.
Production on the two EVs is due to halt completely for three weeks.
Assembly line staff at the firm’s Cologne factory – which has the annual production capacity of 250,000 units – are operating “one week on, one week off” until Christmas.
Fiat has also temporarily stopped production of its 500e at its Turin plant due to a similar drop in sales.
Ford told This is Money: “We continuously monitor market developments.
“The significantly lower than expected demand for electric vehicles especially in the German market require temporary adjustments of production at the Cologne Electric Vehicle Center.
“We can confirm that Ford plans to apply for short time working with the Bundesagentur für Arbeit due to the rapidly deteriorating market conditions for electric vehicles.”
The Sun has approached Ford for comment.
Ford’s ‘most powerful production car ever’ coming soon
By Michael Golson, senior motors reporter
FORD are preparing to release their “most powerful production car ever” with a sport car that can produce a shocking 804bhp.
The 5.2-litre supercharged motor is even preparing to take on the the current-gen Porsche 911 GT3 RS with a timed lap around an iconic circuit.
The upcoming Ford Mustang GTD will pack a monstrous V8 engine that will power 664lb ft of torque to its rear wheels.
That means it isn’t just the fastest production Mustang ever made, but also Ford’s most powerful car ever.
True, it doesn’t quite match up to the top speed of the legendary Ford GT, but in terms of raw power there’s nothing else like it from the Blue Oval.
It’s not just about the engine, either, with the Mustang GTD boasting race-car like kit including cutting-edge active aerodynamics, carbon-ceramic brakes and inboard-rear suspension with semi-active dampers.
Greg Goodall, Mustang GTD Chief Program Engineer, said: “We’ve been laser focused since day one to make Mustang GTD the first-ever supercar with world-class performance and the soul of a Mustang.”
Ford have produced the Mustang GTD with one goal in mind; to take on the infamous Nurburgring track in a lap time time of under seven minutes.
The 911 GT3 RS famously drove the so-called ‘Green Hell’ in a time of 6m 49.3s, but Ford are confident their car will break seven-minute mark and potentially get close to the RS.
According to Top Gear, some 7,500 US residents have already put their name down to buy a new Mustang GTD, despite Ford only planning to build 1,000 examples.
Ford are set to list an asking price of $325k for the supercar, which is roughly £245k.