Ford's EV plans in slow lane as it looks to shelve three-row SUV: Report

Ford Motor stated on Wednesday that it was looking to axe a planned three row electric SUV and was prolonging a new electric version of the F-150, its most selling pickup, Reuters reported. 

This marks the latest hold-up by Ford Motor, as it looks to curtail costs to bolster demand, the newswire noted. 

General Motors, Ford and a clutch of other carmakers have prolonged or shelved plans for new electric models to avoid investing too much on vehicles which consumers are not picking up at the anticipated pace, Reuters reported. 

Ford Chief Financial Officer John Lawler said in a statement, "With pricing and margin compression, we've made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT (earnings before interest and tax) within the first 12 months of launch for all new models." 

The company is also adding a new electric mid-sized pickup and van to its future lineup, Reuters reported, as the automaker is targeting its areas of strength such as commercial vehicles and pickup trucks.