Ford Wrote Off 19.5 Billion Dollars From Its EV Business and Killed the F-150 Lightning

Ford wrote off 19.5 billion dollars from its EV business, ended production of the all-electric F-150 Lightning and converted a Tennessee EV plant to build gas-powered trucks. The retreat is the largest single write-down of the electric transition by a legacy American automaker.

The context is a market that changed fast once federal support ended. Buyers had been able to get up to 7,500 dollars for new EVs and 4,000 dollars for used ones, but that ended after September 30, 2025. Buyers rushed to beat the deadline, pushing EVs to 11.3 percent of new vehicle sales in September 2025. By November 2025, after the tax credits ended, their share had dropped to 4.3 percent.

Ford is not alone in rethinking the pace. The same forces that pushed Ford to write off its EV program are reshaping every legacy automaker electric plan: hybrids are selling, pure electrics are stalling, and the affordable electric pickup Ford is betting on instead, the 29,995 dollar Fathom, does not arrive until late 2027.