Ford Motor said on Monday it will take a $19.5 billion writedown and is killing several electric-vehicle models, in the most dramatic example yet of the auto industry's retreat from battery-powered models in response to the Trump administration's policies and weakening EV demand.
Ford said it will pivot hard into gas and hybrid models, and eventually hire thousands of workers.
Amid Ford's shift away from making large electric vehicles, the automaker is adding a new product line to find a home for its batteries.
Ford is ending production of the fully-electric F-150 Lightning as part of a broader companywide shakeup of its electric vehicle plans, the company announced Monday. In its place, Ford will sell what's known as an “extended range electric vehicle” version of the truck, which adds a gas generator that can recharge the battery pack to power the motors for over 700 miles.
The sum is among the largest impairments taken by a company and marks the U.S. auto industry's biggest reckoning to date that it can't realize its electric-vehicle ambitions anytime soon.
Ford Motor (F) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Ford's tie-up with Renault aims to revive its Europe EV push with affordable models built on Ampere tech and produced in France.
FOX Business correspondent Madison Alworth reports on the artificial intelligence initiatives unveiled by companies at a New York City summit on ‘The Big Money Show.' #fox #media #breakingnews #us #usa #new #news #breaking #thebigmoneyshow #foxbusiness #ford #ai #artificialintelligence #technology #cars #automotive #vehicletesting #innovation #business #summit #newyorkcity #nyc #madisonalworth #industry #future #technology
Ford Motor Company (F) reached $13.63 at the closing of the latest trading day, reflecting a +1.64% change compared to its last close.
Four years ago, Ford and South Korean battery maker SK On struck a deal to form a joint venture and spend $11.4 billion to build factories in Tennessee and Kentucky that would produce batteries for the next generation of electric F-Series trucks.
South Korean battery maker SK On said on Thursday that it has decided to end its joint venture with Ford Motor for their two joint battery factories in the United States.
Chinese rare-earth magnet suppliers to U.S. automaker Ford Motor were included in the first batch of new export licences issued by Beijing to boost shipments and reduce shortages of the vital components, the carmaker said on Wednesday.