Ford (F) today confirmed that it will stop manufacturing and shipping its F-150 Lightning electric pickup truck due to a potential battery issue.
“I can confirm a Stop Build and In-Transit Stop Ship for F-150 Lightning,” Ford spokeswoman Emma Bergg said in a statement detaining vehicles while we investigate.”
The production and shipping stop was first reported by the Motor Authority.
Ford also said it is not aware of any incidents or issues arising from this potential problem with trucks already sold and is not issuing a “stop sale” directive to dealers regarding F-150 Lightnings that are already on sale Dealer lots are available and have been cleared for scheduled delivery.
“The team is diligently working on root cause analysis,” Ford said in a statement to CNBC, adding that the automaker ordered the production and delivery halt due to the issue early last week.
Any hiccups regarding Ford’s EV adoption and execution roadmap are of major concern to investors as the company seeks to transition its identity into an EV-first company. The company’s latest earnings report disappointed investors as “execution issues” marred what could have been a strong quarter. CEO Jim Farley noted that the company had $2 billion in profits on the table and that the company is still learning how to improve EV production.
One battery issue with the F-150 Lightning in particular is notable as the company yesterday announced a deal with CATL to build new LFP batteries at a new Michigan facility. Ford uses South Korea’s SK On as battery suppliers for the F-150 Lightning.
This story evolves.
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Pras Subramanian is a reporter for Yahoo Finance. you can follow him Twitter and further Instagram.
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