Ford to record $19.5 billion in special charges related to EV pullback

Core Viewpoint - Ford Motor expects to incur approximately $19.5 billion in special items due to restructuring and a reduction in all-electric vehicle investments, primarily affecting the fourth quarter [1] Financial Impact - The charges will affect the automaker's net results but will not impact adjusted earnings, with an increase in guidance for adjusted earnings before interest and taxes to about $7 billion in 2025, aligning with earlier targets [2] Business Strategy Changes - The restructuring includes $8.5 billion in writedowns of EV assets and a shift in focus towards hybrid vehicles, cancellation of next-generation large all-electric trucks, and a rebalancing of investments in core products like trucks and SUVs [3] Leadership and Restructuring Plan - These changes are part of CEO Jim Farley's "Ford+" restructuring plan, which has evolved since its initial announcement as an EV growth strategy in 2021 [4]