Ford cancels all-electric three-row SUV, takes $400M impairment; broadens hybrid focus

FORD MOTOR CO

$400M non-cash impairment for canceled all-electric three-row SUV; special item in Q3 2024.
Additional expenses/cash of up to $1.5B expected to be incurred and recorded as special items.
Ford to launch new electric commercial van in 2026 at Ohio Assembly Plant; medium pickup in 2027.
Battery sourcing realigned: LG Mach-E cells to Michigan; BlueOval SK Kentucky cells for E-Transit/F-150 Lightning mid-2025.
EV capex share to drop from ~40% to ~30%; updated electrification strategy in H1 2025.

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