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Bond Market News
Ford To Take a $19.5bn Write-down in EV
December 17, 2025
Ford Motors will take a $19.5bn write-down as it scales back its electric-vehicle (EV) strategy, reflecting weaker EV demand and policy shifts under the Trump administration. The company is cancelling several planned EV models, including a next-generation electric truck and electric commercial vans. Ford said the decision follows a rapid change in market conditions and marks a pivot toward gas and hybrid vehicles. The write-down, spread through 2027, includes charges related to cancelled EV programs, the breakup of a battery joint venture with SK On, and other program costs. The charge reflects a broader industry pullback from aggressive EV expansion plans that were widely embraced earlier in the decade, a reversal intensified by President Donald Trump’s cancellation of EV tax incentives. Analysts view Ford’s move as an acknowledgment of changing market realities and consumer preferences. General Motors booked a $1.6bn charge in October related to EV factory plans and warned of more to come, while Stellantis has scaled back EV projects.
Ford’s bonds traded stable with its 6.625% 2028s at 105.9, yielding 4.3%
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