Ford Launches New EV Strategy, to Take $400 Million Charge for Write-Down of Assets

By Chris Wack

Ford said it is taking new steps to deliver a profitable, capital-efficient and growing electric vehicle business and add more choices for customers.

The auto maker said the plan will facilitate a special non-cash charge of $400 million for the write-down of certain product-specific manufacturing assets for previously planned all-electric three-row SUVs, which Ford will no longer produce.

Ford said it plans to leverage hybrid technologies for its next three-row SUVs, and these actions may also result in additional expenses and cash expenditures of up to $1.5 billion.

The company will reflect those charges in the quarter in which they are incurred, as a special item.

Ford said its electric-vehicle strategy includes adjusting the company's North America vehicle plan to offer a range of electrification options designed to speed customer adoption, including lower prices and longer ranges.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 21, 2024 08:41 ET (12:41 GMT)

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