"Ford Motor said on Monday it will take a $19.5 billion US writedown and is killing several electric-vehicle models, in the most dramatic example yet of the auto industry's retreat from battery-powered models in response to the Trump administration's policies and weakening EV demand. The Michigan-based company said it will replace the fully electric F-150 Lightning with a new extended-range electric model that uses a gas-powered engine to recharge the battery."
"Ford said it will pivot hard into gas and hybrid models, and eventually hire thousands of workers, even though there will be some layoffs at a jointly owned Kentucky battery plant in the near term. The company expects its global mix of hybrids, extended-range EVs and pure EVs to reach 50 per cent by 2030, from 17 per cent today."
Ford will take a $19.5 billion writedown and cancel several electric-vehicle models, replacing the fully electric F-150 Lightning with an extended-range electric model that uses a gas-powered engine to recharge the battery. Ford is scrapping the next-generation electric truck codenamed T3 and planned electric commercial vans. About $8.5 billion of the writedown relates to cancelled EV models, $6 billion to the dissolution of a battery joint venture with SK On, and $5 billion to program-related expenses. Ford will pivot toward gas and hybrid vehicles, expects a 50% hybrids/extended-range/pure EV mix by 2030, will spread the writedown through 2027, and plans some near-term layoffs at a jointly owned Kentucky battery plant alongside eventual hiring plans. Ford raised 2025 adjusted EBIT guidance to about $7 billion and shares rose about 1% after hours.
Read at www.cbc.ca
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