On Monday, Ford Motor revealed that it would incur a staggering $19.5 billion asset write-down and scrap production plans for multiple electric vehicle (EV) models. This includes the fully electric iteration of the F-150 Lightning, the next-gen electric truck codenamed T3, and the anticipated electric commercial van. The automotive giant has opted to redirect its efforts towards manufacturing extended-range electric vehicles (EREVs) and ramp up investments in traditional fuel-powered and hybrid vehicles. In the immediate future, a joint venture battery plant in Tennessee will undergo partial layoffs; however, the overarching strategy is to eventually hire thousands of employees. Ford anticipates that by 2030, the combined market share of its global hybrid, EREV, and all-electric vehicles will surge from 17% to 50%. Additionally, the company has revised its adjusted EBIT forecast for 2025 upwards, projecting it to reach around $7 billion.