Ford to record $19.5 billion in special charges related to EV pullback - Well, the day of reckoning for Ford Motor Company’s decision to feed whole hog at the Biden subsidy trough finally arrived on Monday. It materializes in the form of $19.5 billion in special charges as the company reorganizes and writes down its stupid investments in high dollar battery electric vehicles like the Ford F150 Lightning and Mustang Mach e and reorganizes its alternative vehicles investments around making low-price EVs and hybrid versions of its internal combustion models.
A somewhat amazing $8.5 billion of the $19.5 billion total will come in the form of a write-down of the company’s BEV investments, including canceling a next generation of large all-electric trucks in exchange for smaller, more affordable EVs; and a rebalancing of its investments in core products such as trucks and SUVs.
Hilariously, CNBC reports that the company’s stock price actually rose slightly in the wake of the announcements today. That’s how moribund Ford’s prospects had become under the deft guidance of CEO Jim Farley and his rent-seeking management team.
