Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
The Dearborn, Michigan-based automaker says it will end production of the F-150 Lightning in its current electric form and instead pivot to an extended-range electric model (EREV), which uses a gas-powered generator to recharge the battery. Ford also cancelled its next-generation electric truck, codenamed the T3, and planned electric commercial vans.
“Ford is refocusing on gas, hybrid, and extended-range EVs,” the company said, noting the shift will eventually create thousands of jobs, despite some near-term layoffs at a 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 $19.5 billion writedown will be spread over the fourth quarter of 2025, continuing into 2027. About $8.5 billion is linked to cancelled EV models, $6 billion to the dissolution of a battery joint venture with South Korea’s SK On, and $5 billion to programme-related expenses.
Ford raised its 2025 guidance for adjusted earnings before interest and taxes to about $7 billion, up from $6 billion–$6.5 billion.
The move reflects broader industry trends as U.S. EV sales falter. November EV sales fell roughly 40% following the September expiry of the $7,500 federal tax credit. Trump-era policies also reduced federal EV incentives and eased fuel-efficiency rules, encouraging automakers to focus on gas-powered models.
The F-150 Lightning, launched in 2022 with high-profile promotions, saw sales of 25,583 units through November, down 10% from a year earlier, despite initial production to meet 200,000 orders. The planned T3 EV pickup will be replaced by new gas-powered trucks starting in 2029 at Ford’s Tennessee plant.
Ford’s second-generation EV lineup is effectively paused. Future EVs will target affordability, with a midsize model priced around $30,000 planned for release in 2027 from Ford’s California “skunkworks” team, to be built at the Louisville plant.
“This is not for PR or for Wall Street. We built a truck so people can use it in their daily lives,” Ford said in a statement, underscoring the company’s shift toward practical and hybrid solutions.
President Donald Trump has filed a defamation lawsuit against the BBC over edited footage of a speech that made it appear he encouraged supporters to ...
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from ...
Schools across Cambodia and Thailand were forced to close on Monday (15 December) as border clashes between the two countries escalated, with the deat...
Police in Providence in Rhode Island are going door to door for home surveillance footage as the hunt continues for the shooter who killed two Brown U...
Ukrainian President Volodymyr Zelenskyy engaged in high-level talks in Berlin from 14-15 December, with German Chancellor Friedrich Merz, U.S. envoys,...
Authorities discovered the lifeless bodies of renowned filmmaker Rob Reiner, aged 78, and his wife, Michele Reiner, 68, in their upscale Brentwood home in Los Angeles on Sunday. The police investigation has labeled the incident an apparent homicide.
President Donald Trump has filed a defamation lawsuit against the BBC over edited footage of a speech that made it appear he encouraged supporters to storm the U.S. Capitol 6 January 2021, marking an international extension of his ongoing battle against media coverage he deems inaccurate or biased.
Schools across Cambodia and Thailand were forced to close on Monday (15 December) as border clashes between the two countries escalated, with the death toll reaching at least 40 and hundreds of thousands of people displaced, according to officials and local media.
Ukrainian President Volodymyr Zelenskyy engaged in high-level talks in Berlin from 14-15 December, with German Chancellor Friedrich Merz, U.S. envoys, and European leaders, focusing on security guarantees and the framework for a potential peace deal with Russia.
Russia’s human rights commissioner, Tatyana Moskalkova, has said that Ukraine has not provided Moscow with a list of thousands of children it alleges were taken illegally to Russia, despite the issue being discussed during talks in Istanbul.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
Syrian President Ahmad al-Sharaa has offered condolences to President Donald Trump following an ISIS attack near the ancient city of Palmyra that killed two U.S. soldiers and a civilian interpreter, Syrian and U.S. officials said Sunday.
At least 17 people, including students, were killed and 20 others injured after a school bus fell off a cliff in northern Colombia on Sunday, authorities said.
At least 37 people have died and dozens of others were injured after flash floods swept through Morocco’s Atlantic coastal city of Safi on Sunday, authorities said.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment