Ford Motor Company, listed on the New York Stock Exchange under the ticker symbol 'F', has reported a significant financial event in a Form 8-K filing with the United States Securities and Exchange Commission. On August 19, 2024, Ford concluded that it will incur a material charge of approximately $400 million due to the write-down of assets related to the cancellation of a planned all-electric three-row SUV. The decision to cancel the electric vehicle project stems from a strategic shift towards leveraging hybrid technologies for their next generation of three-row SUVs. The charge, which will not result in any cash expenditures, is expected to be reflected in the company's financial statements for the third quarter of 2024 and will...Show More

Ford Motor Company, listed on the New York Stock Exchange under the ticker symbol 'F', has reported a significant financial event in a Form 8-K filing with the United States Securities and Exchange Commission. On August 19, 2024, Ford concluded that it will incur a material charge of approximately $400 million due to the write-down of assets related to the cancellation of a planned all-electric three-row SUV. The decision to cancel the electric vehicle project stems from a strategic shift towards leveraging hybrid technologies for their next generation of three-row SUVs. The charge, which will not result in any cash expenditures, is expected to be reflected in the company's financial statements for the third quarter of 2024 and will be treated as a special item. Additionally, Ford anticipates potential additional expenses and cash expenditures of up to $1.5 billion related to this decision, which will also be recorded as special items in the quarters they are incurred. The news was further detailed in a press release dated August 21, 2024, which was furnished as Exhibit 99 to the SEC report.