DEARBORN (dpa-AFX) – Ford (Ford Motor) is turning its loss-making business around Electric carbusiness and accepts a huge write-off worth billions. It should total 19.5 billion dollars (16.6 billion euros), most of it in the current fourth quarter, as the US car giant announced on Monday evening in Dearborn near Detroit. The all-electric version of the large F-150 pickup truck is being discontinued. In the future, Ford wants to focus more on hybrid vehicles – and smaller models of electric cars.
The company now assesses the prospects in day-to-day business for adjusted earnings before interest and taxes in 2025 to be somewhat better. It is now expected to be around $7 billion instead of between the previously targeted $6 and 6.5 billion. Ford shares, which have already done well this year, gained around one percent in after-hours US trading.
After Tesla’s success, the major US car manufacturers General Motors, Ford and Stellantis invested billions to bring more electric cars into their model ranges. They also decided to electrify the pickup trucks that are popular in the USA. The F-150 is one of the best-selling models on the US auto market.
But the electric pickups – whether from Ford or Tesla’s Cybertruck – never sold in the hoped-for numbers. Donald Trump’s abolition of the $7,500 electric car bonus put another damper on the market.
Most recently, electric cars had a five percent share of Ford’s business, said Ford boss Jim Farley on the business broadcaster CNBC. Before the subsidies expired at the end of September it was twelve percent. The conversion to vehicles with hybrid drives will create “thousands” of new jobs in the USA, said the manager.
Ford made billions in losses quarter after quarter in its electric car business – which were offset by combustion engines and commercial vehicles. With a new vehicle platform, Ford wants to build cheaper electric cars starting next year at prices starting at $30,000./so/men/zb
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