About $8.5 billion of the write-down relates to canceling planned EV models. $6 billion is tied to the dissolution of a battery joint venture with South Korea’s SK On, and $5 billion on programme-related expenses.
Ford will replace the fully electric F-150 Lightning with a new extended-range electric model that uses a petrol engine to recharge the battery.
Ford is also scrapping an electric truck, codenamed the T3, and electric commercial vans.
Nonetheless, by 2029, Ford expects to become profitable in EVs with a mix of hybrids, extended-range EVs and pure EVs to representing 50% of total sales up from 17% today.
US EV sales fell about 40% in November, following the end of a $7,500 tax credit on EV purchases which has been in place for 15 years.
GM took a $1.6 billion charge on reduced EV plans in October and Stellantis has cancelled an EV pickup truck
