Ford scraps 3-row electric SUV, opening the door for these rivals [Video]

While Ford is canceling plans to launch its three-row electric SUV, overseas brands like Kia, Hyundai, and Volvo are looking to take advantage. By scrapping its larger SUV, Ford opened the door for rivals to take control of the segment.

The “personal bullet train,” as Doug Field, Ford’s head of EVs, called the three-row electric SUV, is no longer part of the plans.

Ford announced a drastic shake-up to its EV strategy on Wednesday, including canceling plans for its first three-row electric SUV. The American automaker will instead focus on a new family of hybrid models.

“The reality is that the market changed,” Marin Gjaja, Ford’s COO, told Reuters on Thursday. Following Ford’s investor day last year, share prices rallied when the model was announced.

However, with pushed-back EV initiatives and growing losses in the second quarter, Ford’s stock is down nearly 20% over the past month as investors question its direction.

Gjaja said …