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Ford is rebooting F-150 Lightning
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Ford Motor is keeping the F-150 Lightning, but changing its technology. It plans to add thousands of jobs and enter this new business.
Ford on Monday said it is pulling back on its electric vehicle plans, a move that will result in a $19.5 billion charge against its earnings to be taken mostly in the current quarter.
Ford cuts F-150 Lightning production as CEO Jim Farley shifts strategic focus to hybrids and affordable EVs, taking massive $19.5 billion charge.
The Detroit auto giant said on Monday it would pull back from electric vehicles in a move that would cost the company nearly $20 billion.
Ford says it is "following the customer" in discontinuing its large electric pickup, which was well-received but never profitable. Ford will keep the Lightning name alive as a plug-in hybrid.
South Korea's LG Energy Solution said on Wednesday that Ford Motor has terminated an electric vehicle (EV) battery-supply deal worth about 9.6 trillion won ($6.50 billion).
Ford Motor Co. announced a realignment of its long-term strategy, shifting investment toward hybrids, affordable EVs, expanded truck and van production and a new battery-storage business.
Several months ago, Ford CEO Jim Farley said ending the nearly two-decade-long EV tax credit would halve America’s electric-vehicle market. Now his company is facing its own reality check.
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