"The Dearborn, Michigan-based company said it will stop making the F-150 Lightning in its electric vehicle form, but will pivot to producing an extended-range electric model, a version of a hybrid vehicle called an EREV, which uses a gas-powered generator to recharge the battery. The company is also scrapping a next-generation electric truck, codenamed the T3, as well as planned electric commercial vans."
"Instead, 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% by 2030, from 17% today. Ford will spread out the writedown, taken primarily in the fourth quarter and continuing through next year and into 2027, the company said."
"About $8.5 billion is related to cancelling planned EV models. Around $6 billion is tied to the dissolution of a battery joint venture with South Korea's SK On, and $5 billion on what Ford called "program-related expenses." The automaker also raised its 2025 guidance for adjusted earnings before taxes and interest, to about $7 billion, up from a previous range of $6 billion to $6.5 billion."
Ford will take a $19.5 billion writedown and cancel multiple electric-vehicle models, including the F-150 Lightning EV variant, the T3 next-generation electric truck, and planned electric commercial vans. The company will pivot to an extended-range electric F-150 (an EREV) that uses a gas-powered generator and increase emphasis on gas and hybrid models while planning eventual hiring of thousands. Some near-term layoffs will occur at a jointly owned Kentucky battery plant. Ford expects its global mix of hybrids, extended-range EVs and pure EVs to reach 50% by 2030, up from 17% today. The writedown will be spread from the fourth quarter through 2027.
Read at Fast Company
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