Locator: 49711FORD.
Lightning F-150: one of the best-selling EVs by many accounts prior to today. Will completely stop building the Lightning.
Appears to have been posted by The WSJ just after the market closed for the day.
Front page:
This is all AI had moments before the close:
This is all old news; all AI had at the close of business today:
But they still can't quit altogether. Note last paragraph in the lede from The WSJ today:
Ford said Monday it expects to take about $19.5 billion in charges, mainly tied to its electric-vehicle business, a massive hit as the automaker retrenches in the face of sinking EV demand. [Amazing how they round this to come in under $20 billion.]
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, which has lost $13 billion on its EV business since 2023, said it would bolster its lineup of gas-powered vehicles while shifting to hybrid and so-called extended-range electric vehicles that include onboard gasoline engines. [Fake EVs.]
The goal is to pull back from loss-making assets and redeploy capital designated for EVs to models with higher profitability.
“Instead of plowing billions into the future knowing these large EVs will never make money, we are pivoting,” Ford Chief Executive Jim Farley said in an interview. “We now know enough about the U.S. market where we have a lot more certainty in this second inning” of reduced-emissions powertrains, he said. ["... will never make money." Large EVs have large margins; small EVs have small margins.]
Regulatory changes and lackluster demand from Americans are forcing U.S. automakers to abandon plans to quickly step to an electric-vehicle future. Ford, which had bet big on EV, is now making one of the industry’s biggest changes to its business.
The company said it remains on track to produce a $30,000 EV pickup for sale by 2027, which the company says will be the first in a new string of low-cost EVs. “Now this is the core of our EV strategy in America,” Farley said. “We’ve got to land the plane.”
Ticker F today: mostly flat. Full year -- trading near its one-year high --
Lucid: lost another 6% today and for the year is down almost 60%. The back stop for this company: Saudi Arabia, the country (PIF)
Rivian: actually doing quite well for the year. The backstop for this company: Amazon, holds 13% of the stock. VW committed to using the technology. Saudi group invested.
Tesla: not unexpected in light of Ford's news. TSLA up $16, almost 4%.
