Ford Motor Company announced Monday it will take a $19.5 billion write-down and cancel several electric vehicle models, including the current-generation F-150 Lightning, in a major restructuring of its EV strategy.
The Dearborn, MI-based company said it has concluded production of the all-electric F-150 Lightning. A next-generation version will shift to an extended-range electric vehicle (EREV) architecture that uses a gas-powered generator to recharge the battery, though Ford did not announce a production timeline.
“This is a customer-driven shift to create a stronger, more resilient, and more profitable Ford,” said CEO Jim Farley in a company statement. “The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids, and high-margin opportunities like our new battery energy storage business.”
Plants shift from EVs to gas, hybrid production
Ford is also scrapping a planned next-generation electric truck and electric commercial vans for North America. The Tennessee Electric Vehicle Center, part of Ford’s BlueOval City campus, is being renamed Tennessee Truck Plant and will produce gas-powered trucks starting in 2029. Ford’s Ohio Assembly Plant will shift to gas and hybrid commercial van production that same year.
$13B in losses since 2023
The $19.5 billion in charges includes $8.5 billion in asset write-downs for Ford’s Model e division and $6 billion tied to dissolving a battery joint venture with SK On. Ford said the charges will be spread across the fourth quarter of 2025 through 2027.
Ford’s Model e division has lost more than $13 billion in less than three years, including $3.6 billion in the first three quarters of 2025. The company said it now expects Model e to reach profitability by 2029, pushed back from earlier projections of 2026.
EV sales plunge after tax credit expires
The announcement follows Ford’s November sales report, which showed EV sales plunging 60.8% YOY to 4,247 units after the federal $7,500 tax credit expired Sept. 30. Hybrid sales rose 13.6% in the same period.
Ford said it expects approximately 50% of its global volume by 2030 to be hybrids, extended-range EVs, and fully electric vehicles, up from 17% in 2025. The company plans to launch five new affordable vehicles by the end of the decade, four of which will be assembled in the U.S.
