Shares of LG Energy Solution dropped as much as 7.6% in morning trade on Thursday after the company announced a day earlier that Ford Motor had cancelled an electric vehicle (EV) battery supply deal.
Ford Motor Company stunned the U.S. automotive sector this week with its announcement that it would sustain $19.5 billion in special charges in what the Wall Street Journal described as “Detroit's Biggest EV Bust.” Ford CEO Jim Farley did his best to put a positive face on the financial carnage, rolling out a hybrid-centric strategic pivot that he claims is “gonna be better for the company's profitability, shareholders and a lot of new American jobs.
When Ford (NYSE:F) announced a $19.5 billion write-off on its electric vehicle business, shareholders didn't panic.
Shares of Ford Motor Company ( NYSE: F ) gained 6.13% over the past month after gaining 9.65% the month prior.
The country's automotive future doesn't look as electric as carmakers had once hoped. But it doesn't mean the EV industry is entirely dead.
South Korea's LG Energy Solution said on Wednesday that it has terminated an electric vehicle (EV) battery-supply deal with Ford Motor worth about 9.6 trillion won ($6.50 billion).
Matt Miller, Host of Bloomberg 'Open Interest' breaks down the latest from Ford as the company moves forward with a sweeping overhaul of its EV business. Ford Motor Co. will take $19.5 billion in charges tied to a sweeping overhaul of its electric vehicle business after struggling for years to make it profitable.
Ford cuts F-150 Lightning production as CEO Jim Farley shifts strategic focus to hybrids and affordable EVs, taking massive $19.5 billion charge.
Ford Motor Company (NYSE:F)'s decision to take $19.5 billion in write-downs tied to its electric vehicle assets and product roadmap drew mixed reactions from analysts, with UBS calling the move a “bold action” that could eliminate years of future losses but warning of significant near-term cash impacts and execution risks. Ford disclosed after markets closed that most of the charges will be recognized in the fourth quarter of 2025, including an $8.5 billion impairment to EV-related assets.
Ford's (F) electric vehicle strategy is changing gear.
Ford Motor Co. (NYSE:F) stock is up 0.4% to trade at $13.70 at last check, after the automaker announced it will pivot into hybrids and extended-range EVs in a move that will cost $19.5 billion.
Steve Westly, founder and managing partner at The Westly Group and former Tesla board member, joins 'Money Movers' to discuss Ford's shift away from all-electric vehicles, the global auto market, and more.