Ford sent ripples throughout the automotive industry when it announced a strategic repositioning of its entire EV program. The carmaker would write off $20 billion, including the canceled F-150 Lightning program, but no one should pity the Blue Oval. Even if Ford booked significant losses for its Model e division, the failed EV program will hurt others more than it hurts Ford.
Over the past couple of months, we've seen Ford CEO Jim Farley on a worldwide media tour to explain why electric vehicles are bad. Farley even signed an op-ed in Financial Times wagging the finger at EU regulators for "setting unrealistic EV regulations." His efforts didn't go in vain, as the EU scrapped plans to ban ICE vehicles in 2035. However, Farley was only warming up investors for the next move he was planning.
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