Live news: Ford to slow electric vehicle production as buyers hesitate over high prices

Ford said on Thursday it is slowing the rate it raises its electric vehicle production, as customers hesitate to take the purchasing plunge.

The Dearborn, Michigan, company said it now expects to churn out 600,000 electric cars and trucks by the end of 2024, rather than the end of 2023. Previously, the company planned to manufacture 2mn by the end of 2026, but chief executive John Lawler said it is no longer targeting a date to hit that output.

Ford raised its guidance for the year to a range of $11bn to $12bn in operating earnings, even as its projected losses from electric vehicles deepened from $3bn to $4.5bn.