"Ford is canceling the all-electric F-150 Lightning and also announced it would take a $19.5 billion charge as it aims to quickly restructure its strategy regarding electrification efforts, a massive blow for the Detroit-based company that was once one of the most gung-ho on transitioning to EVs. The announcement comes as the writing on the wall seemed to get bolder and more identifiable."
"It will also restructure its entire strategy on EVs, and the Lightning is not the only vehicle getting the boot. The T3 pickup, a long-awaited vehicle that was developed in part of a skunkworks program, is also no longer in the company's plans. Instead of continuing on with its large EVs, it will now shift its focus to hybrids and "extended-range EVs," which will have an onboard gasoline engine to increase traveling distance, according to the Wall Street Journal."
Ford is canceling the all-electric F-150 Lightning, taking a $19.5 billion charge to rapidly restructure its electrification strategy and reduce losses. The company will discontinue several large EV projects, including the T3 pickup, and will reallocate investment toward higher-return areas such as more trucks and van hybrids, extended-range EVs with onboard gasoline engines, affordable EV models, and energy storage opportunities. Management cited lower-than-expected demand for large EVs, high costs, and regulatory changes that eroded the business case. The Lightning may continue with a gasoline generator option to extend range beyond 700 miles.
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