Ford writes off $19.5B in its Model e EV division, citing weaker demand and high costs, and shifts strategy toward hybrids and slower EV expansion.
Ford Motor Company announced a write-off of $19.5 billion in assets in its EV division, Model e. The main impact affected the electric pickup F-150 Lightning project and other prospective EV platforms linked to it. The company admitted that it overestimated demand growth and underestimated the impact of high production costs.
Ford management announced a strategy revision, shifting its main focus to hybrid vehicles and a more gradual development of its EV lineup. This reflects a broader industry trend: major automakers are scaling back ambitious EV plans amid market cooling and growing competition from Chinese manufacturers.
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