Ford has revealed it will delay about $12bn (£10bn) in EV investments.

During its third-quarter earnings call, the company’s executives said customers are unwilling to buy premium EVs, revealing that Ford’s Model e EV unit had lost about $3.1bn this year.

As a result, the company has decided to postpone its EV investments, including the construction of a second battery plant with joint venture partner SK. In contrast, the construction of its EV manufacturing campus in Tennessee will not be affected.

The company stressed that it wasn’t going back on its pledges, but said it now wants to increase its EV manufacturing capacity in a more gradual way. 

“We’re not moving away from our second generation [EV] products,” said CFO John Lawler. “We are, though, looking at the pace of capacity that we’re putting in place. We are going to push out some of that investment.”  

Ford ultimately hopes to reach an 8 per cent margin on EVs with a cost structure that reflects...