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.
Ford CEO Jim Farley walked through Ford's Michigan design studio Monday afternoon, reflecting on how he was about to wipe out thousands of work hours on electric vehicles that he and his team had hoped would revolutionize the American auto industry.
Ford pulls back on big EV bets, pivots to hybrids and smaller EVs, and raises 2025 EBIT outlook. However, hefty charges and risks cloud the stock's appeal.
Ford Motor Company (NYSE:F) on Monday evening announced a major overhaul of its electric vehicle (EV) business, taking a $19.5 billion charge, mainly in the fourth quarter, after years of losses in its EV operations. The automaker said it would halt production of its all-electric F-150 Lightning this month, scrap a planned North American electric van, and shift a Tennessee plant under construction to produce gas-powered trucks instead of electric pickups.
Ford sees a way to capitalize on the AI boom by playing more into energy storage. The move has worked well for Tesla.
Ford's $19.5 billion writedown tied to a reset of its electric-vehicle business highlights the mounting challenges for legacy automakers as they navigate waning demand and a changed regulatory backdrop, analysts said on Tuesday.
Stock futures are slightly lower this morning ahead of the release of highly anticipated labor market data; the government is scheduled to release two months of employment figures that were delayed owing to the government shutdown; Ford is roverhauling its electric vehicle business amid stagnant demand in the U.S.; Oracle and Broadcom are among the tech stocks looking to reverse their recent slides; and Tesla shares enter today's session at their highest level of the year. Here's what you need to know.
Ford's EV strategy shift just cost it $19.5 billion. Now, it's hoping to cash in on the AI boom.
The company is taking $19.5 billion in charges related to its EV investments as it tries to follow consumer trends.
Ford (F) pivots EV strategy, taking a $19.5B write-down and ending current F-150 Lightning production amid weak demand and high costs. Nasdaq (NDAQ) plans SEC filing to enable 23/5 stock trading, marking a significant step toward nonstop market access.