Ford Motor Co. (NYSE:F) has announced that it is discontinuing production of the F-150 Lightning EV pickup truck, marking a shift away from pure electric mobility.
A $19.5 Billion EV Charge
The company, in an official statement released on Monday, announced that it has taken a $19.5 billion charge, pivoting to hybrids globally, but will focus more on low-cost EVs for the U.S. via its Universal EV Platform.
"The first vehicle from the Universal EV Platform will be the fully connected midsize pickup truck assembled at Louisville Assembly Plant starting in 2027," Ford said. The company also announced it expects "approximately 50% of its global volume" will comprise hybrids, EREVs and EVs.
F-150 Lightning EREV
Putting the earlier reports to rest, the automaker said it is ending the production of its F-150 Lightning, which will instead shift to an Extended Range Electric Vehicle (EREV), with an estimated range of 700 miles.
"Instead of plowing billions" into large EVs that Ford knows "will never make money," the company is shifting its focus, Farley said in an interview with the Wall Street Journal on Monday.
The CEO also shared in a separate interview with CNBC on Monday that the company's more premium electric offerings in the $50-$80,000 range "just weren't selling." Farley also shared that the $70,000 EVs "didn't make sense."
Ford, SK On End Partnership, Trump’s CAFE Rollback
The news comes amid a pullback on EV efforts by Ford, which recently announced an end to its EV manufacturing venture with South Korean battery manufacturer SK On. The end sees Ford wholly owning the Kentucky plant, while SK On will assume ownership of the battery plant in Tennessee.
Meanwhile, Farley recently hailed President Donald Trump‘s relaxation of the Corporate Average Fuel Economy (CAFE) Standards as a move that would help Ford focus on American-made products. Farley had earlier predicted that EV adoption in the U.S. would be at 5%.
Ford's Europe Expansion
The company is also expanding its presence in the European market, announcing a partnership with French automaker Renault Group, where the company will lead design and driving dynamics for two Ford-badged EVs built on Renault's Ampere platform.
Ford scores well on Momentum, Value, and Quality metrics, while offering satisfactory Growth. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: F declined 0.80% to $13.65 at market close, but bounced back 1.11% to $13.80 during the After-hours session, according to Benzinga Pro data.
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