Big Three U.S. automaker Ford is cutting back on investment plans in its $3.5 billion electric vehicle battery plant in Michigan, the company announced Tuesday.
Ford said it will be reducing its planned EV production by 43% and slashing employment at the plant from 2,500 jobs to 1,700 jobs.
Though Ford declined to reveal the exact figures behind the new plans, analysts expect the automaker to still invest approximately $2 billion in the plant given the announced cuts.
The move comes as U.S. consumers have adopted EVs at a slower pace than anticipated and Ford’s labor costs continue to rise.
