Ford Shifts From EVs To Hybrids And It’s Going To Cost Them $19.5b, Here’s Why That’s A Smart Move
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Ford (FRD) stock is UP following the announcement that they will be cancelling a bunch of their full EV vehicles and pivoting back to gas and hybrid vehicle production.
So I guess China won then? I guess you’re just giving up and letting China take the EV market. They’ve been coming for you and now you’ve stopped and let them catch you. But hey, better to retreat with casualties than keep on fighting until the bitter end, right Tesla?
The news comes with a long list of announcements, including the cancellation of Ford’s F-150 Lightning EV (why is it named like a fighter jet?) and pivoting their battery manufacturing from cars to grid storage.
I’m sorry, what was that about climate change? Yeah, I hardly know her neither.
“The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids, and high-margin opportunities like our new battery energy storage business,” said CEO, Henry Ford, in a statement.
This gear shift does mean the famed car manufacturer will eat a massive $$$$$19.5 billion in monies. Let me break that down for you:
- $8 billion in asset impairments, including EV asset writedowns
- $6 billion for restructuring and acquiring battery plant assets from partner SK ON
- $5.5 billion in cash charges related to vehicle cancellations
And I know that seems like a lot but Ford has spotted a massive slump in EV purchases so in the long run this’ll be for the best, promise.
As the great Henry Ford once said, “Any customer can have a car powered any way that he wants, so long as it is gas.”
For more car news, read this: Ferrari Unveils First EV Car, Stock Price Stalls
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