Ford takes $19.5 billion hit
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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.
The move comes as a response to the Trump administration’s waning support for electrification and a weakening consumer market.
Ford Motor is keeping the F-150 Lightning, but changing its technology. It plans to add thousands of jobs and enter this new business.
Ford cuts F-150 Lightning production as CEO Jim Farley shifts strategic focus to hybrids and affordable EVs, taking massive $19.5 billion charge.
The Detroit automaker, which has poured billions of dollars into electrification, said it will no longer make the F-150 Lightning electric pickup truck, opting for an extended range version of the vehicle.
Ford's next-generation F-150 Lightning ditches a pure EV format in favor of a gasoline-backed extended-range electric truck that promises massive range and towing capability.
Four years after Ford bravely electrified its best-selling vehicle, the F-150 Lightning pickup, it seemed ready to drop the model owing to slowing demand. Now, it turns out the company's got other plans.
Ford is reworking its future around what customers are actually buying, stepping away from cost-heavy electric bets that no longer add up.
On Monday, Ford announced that it was discontinuing production of the full-size EV pickup. "It didn't make sense to keep plowing billions into products that we knew wouldn't make money," said Ford President and CEO Jim Farley.
Ford says the next generation of the F-150 Lightning pickup truck will transition to a range-extended EV powertrain.
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