News Brief: Ford Announces Major Strategic Shift with $19.5B in Charges
Summary
Ford Motor Company announced a significant strategic realignment, expecting to record approximately $19.5 billion in special charges. This move involves scaling back all-electric vehicle investments, refocusing on hybrids and smaller EVs, and launching a new energy storage business.
Key Points
- Financial Impact: $19.5 billion in special items, mostly in Q4 2024. An additional $5.5 billion in cash charges through 2027, with most paid in 2025. These affect net results but not adjusted earnings.
- Strategic Pivot: Shift from pure EVs to hybrid vehicles (including plug-ins) and more affordable, smaller EVs. Cancellation of next-gen large electric trucks.
- EV Asset Write-down: $8.5 billion of the charges are write-downs of EV assets.
- New Targets: Raised 2025 adjusted EBIT guidance to ~$7B. Aims for Model e EV business profitability by 2029.
- Product & Platform: New low-cost “Universal EV Platform” for smaller, affordable EVs. First product: a midsize electric pickup starting 2027. F-150 Lightning transitions to an Extended-Range EV (EREV).
- New Business Line: Launching a stationary energy storage business using battery plants in Kentucky and Michigan, targeting 20 GWh annual capacity by 2027.
- Market Rationale: CEO Jim Farley cited following actual customer demand, not past predictions, noting high-end EV sales slump. Policy changes (reduced federal tax credit) also played a role.
- Long-term Vision: Targets ~50% of global volume from hybrids, EREVs, and EVs by 2030 (up from 17% in 2025).
新闻简报：福特宣布重大战略调整，计提195亿美元特别费用
总结
福特汽车公司宣布了一项重大的战略调整，预计将计提约195亿美元的特别费用。此举涉及缩减纯电动汽车投资，重新聚焦混合动力车和更小型电动汽车，并推出一项新的能源存储业务。
关键要点
- 财务影响：195亿美元特别项目，主要在2024年第四季度。2027年前另有55亿美元现金支出，大部分在2025年支付。这些费用影响净利润但不影响调整后收益。
- 战略转向：从纯电动汽车转向混合动力汽车（包括插电式）以及更经济实惠的小型电动汽车。取消下一代大型电动卡车计划。
- EV资产减记：其中85亿美元的费用是对电动汽车资产的减记。
- 新目标：将2025年调整后息税前利润指引上调至约70亿美元。目标是在2029年前实现Model e电动汽车业务盈利。
- 产品与平台：新的低成本”通用电动汽车平台”将用于开发更小、更实惠的电动汽车。首款产品：2027年开始生产的中型电动皮卡。F-150 Lightning将过渡为增程式电动汽车。
- 新业务线：利用肯塔基州和密歇根州的电池工厂，启动固定式能源存储业务，目标到2027年实现20吉瓦时的年产能。
- 市场依据：CEO吉姆·法利表示是跟随实际客户需求，而非过去的预测，并指出高端电动汽车销售低迷。政策变化（联邦税收抵免减少）也产生了影响。
- 长期愿景：目标到2030年，混合动力车、增程式电动车和纯电动车占全球销量的约50%（2025年为17%）。
Original Article Link: https://www.cnbc.com/2025/12/15/ford-ev-pullback.html