Ford (F) has stopped shipping its 2024 F-150 Lightning EV pickup truck and has just started shipping its new 2024 F-150 gasoline engine truck after weeks of delays due to quality inspections. is. If delays affect sales of Ford's high-margin F-150 and the possibility of further EV troubles, it could affect Ford's first-quarter results.
Automotive News reports that undisclosed quality issues with the 2024 F-150 Lightning led to a “stop shipping” order going into effect on February 9, resulting in “if not thousands, if not thousands, of 2024 F-150 trucks. It was first reported that “several hundred units” had been shipped. Since production began in December, they have been piling up on Ford's holding lots before deliveries began late last week.
“We began shipping the first newly designed F-150 pickups to dealers this week. The MY24 Lightning began shipping last month,” a Ford spokesperson told Yahoo Finance. “We have completed thorough launch quality testing to ensure these new F-150s meet our high standards and delight our customers, and we plan to increase shipments in the coming weeks.”
Asked to confirm whether the MY24 Lightning was still under a “stop shipping” order, a Ford spokesperson said only that “shipments will increase once quality testing is complete” and whether the “stop shipping” has been lifted. I didn't mention it. . Ford has confirmed that F-150 trim levels, including the Lariat, Limited and Platinum, have been delayed.
Regarding the quality issues that are preventing deliveries of F-150 gasoline and hybrid drive versions, the same Ford spokesperson said that Ford has “begun shipping F-150 XL and STX units to customers and will continue to ship other F-150 XL and STX units.” We will increase shipments, including the series.” They have passed our quality inspection. ”
Ford has updated its F-150 product line for the 2024 model year with enhanced exterior styling and an updated interior, among other things. Ford is also prioritizing pushing the hybrid F-150, which has been popular among buyers, with continued updates to the Lightning EV to improve its feature set and cost profile.
The F-150 pickup is the best-selling vehicle in the U.S., and Ford sold more than 700,000 trucks in the U.S., up nearly 15% from a year ago. Sales of the F-150 Lightning last year exceeded 24,000 units, an increase of 54% compared to 2022.
First shipments of the F-150 gas and light EV pickup are still in line with Ford's “early 2024” sales schedule, but Automotive News reports that some F-150s have been in storage since late December. The magazine reported that one private customer told the magazine. He said nearly 100 trucks were eight weeks late and “we've basically received no communication from Ford.”
Ford CEO Jim Farley has said multiple times that Ford needs to overcome quality issues. Ford again had the most recalls of any U.S. manufacturer last year. The automaker says it is working to resolve these management issues, but Chief Financial Officer John Lawler said in a fourth-quarter earnings conference that there are “green buds” in improving quality. However, he said warranty costs will remain at the same level as last year.
For Ford, a strong rollout of the F-150 line and cost reductions in the warranty and recall areas are critical if the automaker is to meet its 2024 guidance. Earlier this month, Ford forecast 2024 adjusted EBIT of $10 billion to $12 billion, lower than Ford's pre-UAW strike 2023 profit guidance of $11 billion to $12 billion, but below expectations. That's more than $9.24 billion.
Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.
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