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

The Dearborn, Michigan, company said it now expected to churn out 600,000 electric cars and trucks by the end of 2024, rather than by 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 $11bn-$12bn in operating earnings, even as its projected losses from electric vehicles deepened from $3bn to $4.5bn.

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