What Ford Just Announced Has Left The Entire Auto Industry In Shock!
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What Ford Just Announced Has Left The Entire Auto Industry In Shock!
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Ford’s recent decision to shift gears away from all-electric vehicles has left many scratching their heads. Picture this: you’re all set for a big game, and then, out of nowhere, you decide to sit it out. That’s kind of what Ford just did with its plans for an all-electric, three-row SUV. This was supposed to be their big contender against brands like Kia and Volvo, but now? It’s been scrapped. Ford officially wrote off a jaw-dropping $1.9 billion investment tied to this project. Yikes, right? So, why the sudden change of heart? Well, Ford realized that making a profit from this SUV wasn’t looking too promising. Plus, they announced a delay for the successor to the F-150 Lightning electric pickup truck, which won’t be hitting the streets until at least 2027. That’s a pretty big setback for a company that was once seen as a leader in the EV game.
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Now, let’s get into what’s driving this drastic pivot. First off, Ford’s electric vehicle division has been losing money. In the first half of the year alone, they reported a staggering loss of $2.5 billion. And analysts are predicting that this number could balloon to $5 billion by year’s end. That’s a lot of red ink for a company trying to make a name for itself in the EV market. Then there’s the competition. Ford is feeling the heat from Chinese manufacturers who are quickly stepping up their game in battery tech and production. It’s like a race, and right now, they’re lagging behind. And let’s not forget about consumer sentiment. Many folks are becoming more cautious about fully electric vehicles, especially because of depreciation concerns. Some electric models can lose up to 50% of their value within just a year! A recent Wired investigation even revealed that the Mercedes-Benz EQE was depreciating at a jaw-dropping rate of about $615 per day over a 12-week period. With numbers like that, it’s no wonder people are hesitant to jump on the all-electric bandwagon.
Now here’s where things get really interesting. Instead of completely ditching the electric scene, Ford is pivoting toward hybrid technology. This move makes a lot of sense, especially given the growing demand for hybrids. Ford plans to roll out hybrid versions of its popular Explorer and Expedition SUVs, which means they’re catering to a wider audience. John Lawler, Ford's vice chairman and CFO, has been vocal about how hybrid technology is the way to go for larger vehicles. It’s a smart play, as hybrids offer consumers a nice balance—getting the benefits of electric driving without fully committing to going all-electric. This could be a game changer for Ford, especially as more drivers look for flexibility in their vehicle choices.
Ford's making some big changes, and they’re really taking a hard look at their finances. They’ve decided to cut back on their spending for electric vehicles, reducing their budget from 40% to 30%. It’s all part of a bigger plan to get their financial house in order. And that’s not all—Ford also announced they’ll be taking a special non-cash charge of about $400 million to write down certain manufacturing assets. Plus, there could be more charges coming, up to $1.5 billion, in the next few quarters. Clearly, Ford’s facing some tough times and making some equally tough calls to steer through it. But hey, it’s not all bad news! Ford isn’t giving up on electric vehicles. They’ve got some cool stuff in the pipeline, like a new electric commercial van set to start production in 2026. And that’s just the beginning—two new pickup trucks are planned for 2027. One is a midsize pickup from Ford’s California “skunkworks” team, and the other is the next-gen electric truck, codenamed Project T3.
These upcoming projects show that Ford is still in the game, ready to innovate and keep up with the market. Sure, the F-150 Lightning’s successor might be delayed, but there’s still plenty to look forward to.
Now, let’s talk batteries. Ford’s not sitting still—they’re stepping up their battery game. They’ve announced plans to move some Mustang Mach-E battery production from Poland to Holland, Michigan, by 2025. This shift is all about snagging tax credits under the Inflation Reduction Act (IRA), which could really help them out financially. Over in Kentucky, the BlueOval SK plant is gearing up to make battery cells for the E-Transit commercial van, with plans to boost the range for F-150 Lightning trucks starting in mid-2025. By setting up these battery production facilities, Ford’s aiming to cut costs and keep their supply chain solid, which is super important for their long-term success in the EV world.
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