- Ford Motor Co. has halted production and shipments of the F-150 Lightning electric pickup.
- SK Innovation shares dropped as much as 3.9%.
- Ford released dismal quarterly results earlier this month.
The F-150 Lightning electric pickup’s production and shipments have been halted, according to Ford Motor Co., which made the discovery during pre-delivery inspections.
“We are not aware of any incidences of this issue in the field,” Ford spokesperson Emma Bergg said in an email. She said the production stop was issued at the start of last week.
Ford stated that it was looking into the situation, which has previously been covered by CNBC and Motor Authority. The automaker’s stock fell 1% in afternoon trading.
A restart timetable was not given.
Ford receives batteries from the battery division of South Korean company SK Innovation Co Ltd, SK On.
“We are currently investigating the matter at the moment,” an official at SK On said in a statement.
Ford, Volkswagen AG, Hyundai Motor Co., and other customers are served by SK On’s battery manufacturing facilities in South Korea, China, Hungary, and the United States.
In morning trade on Wednesday, shares of SK Innovation, the parent company of SK On, dropped as much as 3.9% and nearly reached a three-week low.
Ford released dismal quarterly results earlier this month and warned of supply instability for semiconductor chips.
To take advantage of the high demand for EV adoption, the manufacturer created a third work crew for the electric pickup truck last year.
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