Ford Plans Next-Gen F-150 Lightning EREV and Strategic Capital Redeployment

Ford expects approximately $19.5 billion in special items, primarily in Q4 2025, with additional amounts in 2026-2027. On December 15, 2025, Ford announced the next-generation F-150 Lightning EREV, featuring an estimated range of over 700 miles.

The company is shifting capital away from select large electric vehicles (EVs) towards trucks, hybrids, affordable EVs, and battery energy storage systems, focusing on profitability and customer flexibility. Ford has raised its 2025 adjusted EBIT guidance to around $7 billion and aims for Model e profitability by 2029, alongside improving free cash flow. However, execution risks are high due to the introduction of new architectures, plant transitions, and battery energy storage system ramp-up, with critical milestones including Lightning EREV specifications, battery energy storage capacity buildout, and progress on the Universal EV Platform.