MEMPHIS, Tenn. – Ford is planning to cut production of its new F-150 Lightning electric truck in half next year, according to multiple reports.
“It’s too big to fail – literally,” he said. “You’ve never had a company like Ford Motor Company come to this area and put the stake it’s had in Tennessee. It won’t fail.”
However, electric vehicles are not yet profitable for Ford. According to the company’s third-quarter earnings report, Ford lost $36,000 for every electric vehicle it sold in the quarter.
Livingston estimates that an increasing number of vehicle charging stations combined with a hopeful drop in interest rates will boost sales.
“All of West Tennessee is going to change tremendously and it’s going to happen, ladies and gentlemen,” he said.
Gov. Bill Lee did not respond to FOX13’s request for comment Wednesday on the company’s most recent decision to scale back production.
Last March, FOX13 pressed the governor on whether the thousands of jobs would be here to stay.
“Well, I think that we know the automotive industry is here to stay,” Lee said. “Jobs associated with those are here to stay. We certainly feel good about that.”
When pressed on electric vehicles specifically, Lee said: “The automotive industry – we’re the center of the automotive industry here in Tennessee, whatever that industry looks like. So we’re certain of that.”