omission of word

No words have been omitted. The sentence is acceptable as it stands. However more formally one could write "The company announced that this is the last year in which it is making SUVs." or "The company announced that this is the last year that it is making SUVs."

I agree with Contrex. It is fine...and understandable the way it is.

The suggestions Contrex made for a more formal wording work...if a more formal wording is what you are looking for. (The "is making" could also be changed to "will be making.")