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Ford Takes $19.5 Billion Charge, Ends F-150 Lightning EV, Pivots to Hybrids and Energy Storage

A profitability push follows weaker U.S. EV demand with incentives rolled back.

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Ford CEO Jim Farley will lead the automaker through another pivot to rev up its limping EV division.
A cab of a model of the F-150 Lightning electric pickup truck is seen on an assembly line at the Ford Rouge Electric Vehicle Center in Dearborn, Michigan, U.S., April 26, 2022. REUTERS/Rebecca Cook/File Photo

Overview

  • Production of the current all‑electric F-150 Lightning has concluded, with a next‑generation EREV version using a gas generator estimated to deliver more than 700 miles of range.
  • Ford is canceling its T3 next‑generation electric pickup and a planned next‑generation electric commercial van, while the existing E‑Transit remains on sale.
  • The company expects about $19.5 billion in special charges tied to the EV pullback, largely in the fourth quarter, and it raised 2025 adjusted EBIT guidance to roughly $7 billion.
  • Manufacturing will be redeployed to gas and hybrid trucks and vans, including renaming Tennessee’s EV Center as the Tennessee Truck Plant and refocusing Ohio Assembly for Ford Pro operations.
  • Ford will launch a stationary battery energy storage business using Kentucky and Michigan plants with targeted shipments by 2027 and about 20 GWh of annual capacity, while prioritizing a low‑cost Universal EV Platform starting with a midsize pickup in 2027 and aiming for Model e profitability by 2029.