Ford Takes a $19.5 Billion Hit on Its Electric Trucks: ‘We Are Pivoting.’
After years of big bets on EVs, the automaker is putting more money into gas-powered vehicles, hybrids and extended-range models.
Ford Motor Co. is pulling the plug on its EV trucks after a costly strategy failed to deliver. The company said it will take about $19.5 billion in charges, one of the auto industry’s biggest write-downs to date.
“Instead of plowing billions into the future knowing these large EVs will never make money, we are pivoting,” . Ford plans to lean harder on gas-powered vehicles and ramp up hybrids and extended-range EVs that include onboard gasoline engines. It will also stop making the all-electric F-150 Lightning.
The move reflects how many consumers continue to steer clear of committing to pure EVs, citing concerns about price, driving range and charging access. Ford says a lower-cost EV pickup remains on track for 2027.
Ford Motor Co. is pulling the plug on its EV trucks after a costly strategy failed to deliver. The company said it will take about $19.5 billion in charges, one of the auto industry’s biggest write-downs to date.
“Instead of plowing billions into the future knowing these large EVs will never make money, we are pivoting,” . Ford plans to lean harder on gas-powered vehicles and ramp up hybrids and extended-range EVs that include onboard gasoline engines. It will also stop making the all-electric F-150 Lightning.
The move reflects how many consumers continue to steer clear of committing to pure EVs, citing concerns about price, driving range and charging access. Ford says a lower-cost EV pickup remains on track for 2027.
