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Chicago is a major city that faces brutal winters every year, but its current cold snap is worse than the city has seen in a while, and it’s taking an extra toll on EV drivers. Electric vehicles lose some of their battery capacity in extreme cold weather, but with EV drivers scrambling to find available public chargers has pushed many to completely deplete their car’s batteries while waiting in line to charge.

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"We are taking advantage of our manufacturing flexibility to offer customers choices while balancing our growth and profitability," said Ford CEO Jim Farley in a statement.

The announcement is the latest sign of slowing demand for EV trucks. General Motors in October postponed the opening of a $4 billion electric truck plant in Michigan for a year.

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The Dearborn automaker said Friday it would add a third crew and create nearly 900 jobs at its Michigan assembly plant to increase production of gas-powered Bronco SUVs and Ranger pickups.

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Ford lost an estimated $36,000 on each of the 36,000 EVs it delivered to dealers in the third quarter, the company said in October, after announcing earlier it would slow the ramp-up of money-losing EVs, shifting investment to Ford's commercial vehicle unit and citing plans to quadruple sales of gas-electric hybrids over the next five years.

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Electric cars lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips conventional equivalents.

Research from Auto Trader said there were “unsustainable levels of depreciation” in the electric car market, with used prices of battery-powered vehicles dropping by 23pc in the last year alone.

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Volvo’s stock surged 26% after announcing it would cease funding its electric vehicle subsidiary, Polestar Automotive.

This decision reflects a broader trend in the electric vehicle industry, with Renault canceling its electric-car unit IPO and Ford reducing production of its electric F-150 Lightning.

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While Polestar’s CEO remains optimistic about the company’s future, its shares declined by 84% in 2023 due to the EV market slowdown.

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For the third quarter, Ford reported a $1.2 billion loss on Model e, its separate EV unit. The company projects losses of $5 billion for Model e for all of 2024, attributing the financial hit in part to "industrywide pricing pressure."

Earlier this year, Ford scrapped plans for an all-electric, three-row SUV to focus on hybrid models. At the time, the company said its plan was to "speed customer adoption" of more affordable vehicles with longer driving ranges. That includes developing a new family of three-row, hybrid SUVs.

Electric vehicle prices are tumbling as cars pile up on lots amid cooling consumer demand. The average price of a new EV in May was $56,648, according to Kelley Blue Book, down roughly 15% from two years earlier, when the average price was $65,000.

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