Ford To Take $19.5 Billion Profit Hit As It Scales Back Electric Vehicle Plans [Forbes]
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Source: Forbes
and hybrid cars – the latest pullback as slowing demand sees the automotive industry pivot away from battery-modeled vehicles. Ford said it expects to take a $19.5 billion hit over the next two years as it pivots away from electric vehicles due to reduced demand and reduced profitability of the models. The company, which has lost more than $13 billion on its E.V. business since 2023, said the majority of the charges will happen in the fourth quarter of 2025 and 2026, with $5.5 billion carrying over to 2027. The automaker will also stop making the electric model of its F-150 trucks, and instead focus on extended range hybrid models and other gasoline-powered products. The announcement comes as an EV sales slump is causing other big-name car-makers to re-evaluating their product strategy and lineups , including the likes of Tesla and General Motors. This is a breaking story and is being updated…
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- General Motors (GM) Gains As Market Dips: What You Should Know [Yahoo! Finance]Yahoo! Finance
- Ford to scale back electric vehicle plans, taking $19.5bn hit [Yahoo! Finance]Yahoo! Finance
- More from TechCrunch [TechCrunch]TechCrunch
- Ford shifts EV strategy, takes $19.5B write-down and drops current Lightning production [Seeking Alpha]Seeking Alpha
- Ford is starting a battery storage business to power data centers and the grid [Yahoo! Finance]Yahoo! Finance
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