Ford writes down $19.5 billion
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Ford on Monday said it is pulling back on its electric vehicle plans, a move that will result in a $19.5 billion charge against its earnings to be taken mostly in the current quarter.
Ford says it is "following the customer" in discontinuing its large electric pickup, which was well-received but never profitable. Ford will keep the Lightning name alive as a plug-in hybrid.
6hon MSN
Ford scraps fully-electric F-150 Lightning as mounting losses and falling demand hits EV plans
Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles
The move comes as a response to the Trump administration’s waning support for electrification and a weakening consumer market.
The Ford Louisville Assembly Plant will temporarily close this month as part of a $2 billion investment to bring a new EV truck to the facility.
Ford is reworking its future around what customers are actually buying, stepping away from cost-heavy electric bets that no longer add up.
The Detroit auto giant said on Monday it would pull back from electric vehicles in a move that would cost the company nearly $20 billion.
Ford knows buyers don't want expensive EVs, so it’s focusing on affordable options while expanding its gas and hybrid lineup.
All 1,600 employees of the brand new electric vehicle battery plant in Kentucky will be laid off before Ford converts it to manufacture batteries for data centers and other utilities.
Ford has an answer to the F-150 Lightning's woes: turn it into a 700-mile extended-range electric vehicle (EREV) for the next generation.
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