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,” said Ford Chief Executive Jim Farley. 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,” said Ford Chief Executive Jim Farley. 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.
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In
