Ford said separately it was boosting hybrid electric vehicle offerings and by 2030 expects to offer hybrid powertrains across its lineup of gas-powered vehicles.
"We are committed to scaling a profitable EV business, using capital wisely and bringing to market the right gas, hybrid and fully electric vehicles at the right time," Ford CEO Jim Farley said.
Ford, which lost nearly $4.7 billion on its EV business in 2023, said in February the next generation of EVs will be launched "only when they can be profitable." Shares were up 1.8% in premarket trading on the news.
The Dearborn automaker said it would push back the launch of the new large EV SUV that it will build at its assembly complex in Oakville, Ontario to 2027 from 2025 to "will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology."
Separately, Ford said it will delay deliveries of an all-new EV truck it will build at a new plant in western Tennessee until 2026. Ford said last year it planned to begin production in late 2025 and build up to 500,000 electric trucks annually at the plant.
Ford plans to begin customer deliveries of the new truck in 2026 and gradually ramp up production to help assure quality.
Ford Chief Financial Office John Lawler told investors last year Ford would delay some of its planned multibillion-dollar investment in new EV and battery production capacity.
The announcement comes just two weeks after the Environmental Protection Agency softened EV requirements starting in 2027 over its initial proposal and further incentivized plug-in hybrid vehicles.
Ford had promised to retool the Ontario plant to make EVs during contract bargaining in 2020 with Canada's Unifor union. Ford said Thursday the overhaul of the Oakville assembly plant is set to begin in the second quarter of this year as planned.
General Motors (GM.N) said in October it would delay production of electric pickup trucks at its plant in Michigan's Orion Township by a year.
