Ford to record $19.5 billion in special charges related to EV pullback
CNBC • • general
Key Points:
- Ford Motor announced it will record approximately $19.5 billion in special charges related to restructuring its business priorities and scaling back all-electric vehicle (EV) investments, with most charges hitting in Q4 and an additional $5.5 billion in cash charges through 2027.
- The restructuring includes shifting focus toward hybrid and plug-in hybrid vehicles rather than pure EVs, canceling a next-generation large all-electric truck in favor of smaller, affordable EVs, and rebalancing investments in core products like trucks and SUVs.
- Ford plans to transition its all-electric F-150 Lightning to an extended-range EV (EREV) combining electric power with a gas generator and will develop a stationary energy storage business using battery plants in Kentucky and Michigan.
