...December 16, 2025 This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Dec. 16, 2025--S&P Global Ratings today said that Ford Motor Co.'s (###-/Negative/A-3) electric vehicle (EV) business restructuring should lead to faster and more credible reduction in losses and cost overruns for the Model e segment given slowing U.S. EV demand. We view this as a decisive strategic reset that trades longer-term flexibility for improved near- term financial stability. Ford's pivot to apply underutilized EV assets to a battery energy storage business could lead to greater profit upside if the company wins share. Increased investments in multienergy offerings, with a greater focus on hybrids and extended-range EVs, should position Ford well in the U.S. market over the next few years. However, we believe the shift from building scale in EVs longer term may put Ford behind expanding international competitors should U.S. EV adoption reaccelerate. This strategy also heightens execution...
