Ford to End Production of Failed F-150 Lightning

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Ford Motor Co. (NYSE: F) posted strong numbers for the third quarter. It lowered forecasts because of a fire at a major supplier. The first is a credit to Ford management, while the second is outside its control.

Revenue for the period increased 9% to $50.5 billion. Per-share earnings rose from $0.22 in the year-ago period to $0.60. Ford will pay a $0.15 dividend, which keeps its yield at a healthy 4.9%. However, the fire will take a significant toll. “Additionally, between 2025 and 2026, Ford expects the Novelis fire to be a headwind of $1.0 billion or less,” management reported, though it said the situation might improve.

Ford will stop making its electric vehicle (EV) flagship, the F-150 Lightning. The New York Times reports this could be attributed to both the fire and flagging sales. In the first three quarters of the year, Lightning unit sales were up only 1% to 23,034. The extent to which Ford is entirely a gasoline-powered car company shows up in overall F-Series sales, which rose 12.7% to 620,580.

Ford’s management shows wisdom in shutting down Lightning production. The electric pickup never sold well, suggesting its launch was a terrible mistake. Additionally, the U.S. EV market is dying and will not bounce back soon. The $7,500 EV tax credit expired at the end of the third quarter. People who wanted an EV rushed to buy one before the deadline.

iSeeCars said that about 8% of new car sales were EVs in the first three-quarters of the year. It forecasts that the number will drop to 4% in the fourth quarter and stay that low throughout 2026.

Ford’s overall third-quarter results were remarkable. Without the factory fire, guidance most likely would have been the same. If EV sales are to be part of Ford’s future, management had best wait a long time before making any decisions. The Lightning made them look bad.

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