FORD MOTOR CO (F): restructuring charge — 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.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FORD MOTOR CO announced a impairment with charges of about $400 million affecting product-specific manufacturing and vendor tooling assets for previously planned all-electric three-row SUVs.

Type: impairment
Charge: about $400 million
Affected area: product-specific manufacturing and vendor tooling assets for previously planned all-electric three-row SUVs

Exact text from the filing

On August 19, 2024, we concluded that a material charge is required related to the write-down of certain product-specific manufacturing and vendor tooling assets intended to be utilized for previously planned all-electric three-row SUVs that we no longer intend to produce. This was based upon our decision to instead leverage hybrid technologies for our next three-row SUVs. The expected charge is estimated to be about $400 million and will be reflected in our financial statements for the third quarter of 2024.

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Source: SEC EDGAR

accession 0000037996-24-000150

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