Despite a significant write-down of £14.5 billion after scaling back future electric vehicle (EV) plans, Ford CEO Jim Farley remains committed to the company's EV strategy. The reduction in investment was a response to the slowing demand for EVs in the US, coupled with the removal of EV incentives and emission mandates by former President Donald Trump. This move has also affected the F-150 Lightning, the electric version of Ford's top-selling US model, which sold only 27,000 units last year compared to 700,000 of its gasoline counterpart. However, Farley is confident that Ford is not backing away from EVs. He announced that the company is accelerating the launch of EVs to the market, focusing on offering a wider range of powertrain options for consumers. The key to this strategy is the Universal EV (UEV) platform, a flexible architecture designed to offer level-three autonomy and lower production costs, thereby increasing profit margins. This platform will be used for a range of models, starting with an affordable EV priced under $30,000. Farley believes this is a pivotal moment for Ford, as it returns to its roots in innovation and execution, with a focus on the most affordable EV. The CEO also highlighted the company's investment in extended-range electric vehicles (EREVs) and hybrids, aiming to provide customers with more choices across the entire line based on duty cycle. This strategy is a testament to Ford's commitment to the EV market, despite the recent challenges.
