Ford did not cancel $12 billion of electric-vehicle investment, and it did not decide that EVs were inherently unaffordable. On October 26, 2023, the automaker said it would postpone approximately $12 billion in planned EV-related spending, slow some production and delay a Kentucky battery plant because electric-vehicle demand and profitability were weaker than expected.
The underlying problem was two-sided: many customers faced high purchase prices and monthly payments, while Ford itself was spending too much to build large EVs that it could not sell profitably at the planned volume.
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What Ford postponed in October 2023
Ford’s announcement covered roughly $12 billion in planned EV spending, including capital expenditure, direct investment and other EV-related costs. The company described the move as a timing and capital-discipline decision rather than a withdrawal from electrification.
The clearest examples were:
- Delaying the second BlueOval SK joint-venture battery plant in Kentucky.
- Reducing or slowing some Mustang Mach-E production.
- Adjusting planned battery and vehicle capacity to better match demand.
- Slowing investment in several other EV programs and capacity projects.
The $12 billion was an aggregate figure. It was not the value of the Kentucky plant alone, nor was it an immediate $12 billion cash saving. “Postponed” meant that spending would move later or become contingent on stronger demand. It was not the same as canceling Ford’s entire EV program.
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Ford’s third-quarter 2023 earnings discussion said the company was matching production capacity to the pace of customer adoption. That distinction matters: EV sales could keep growing while still growing too slowly to justify the factories Ford had planned.
Why Ford’s EV economics deteriorated
Demand grew more slowly than Ford expected
Ford had planned substantial EV capacity on the assumption that adoption would accelerate quickly. Instead, high interest rates, expensive vehicles, limited charging access for some drivers and uncertainty about resale values made buyers more cautious.
For an automaker, the issue is not simply whether a vehicle sells. A new battery plant and assembly line must operate at sufficient volume to spread fixed costs across enough vehicles. If demand falls short, the company can be left with underused factories and losses on every unit.
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Price competition made the problem worse
Automakers responded to slower demand with discounts and price cuts. That may help move inventory, but it reduces revenue and can damage the economics of vehicles that are already expensive to produce.
Ford’s filings cited pricing pressure and lower-than-anticipated EV adoption among the risks affecting the business. The company also warned about potential charges involving EV-related suppliers and inventory. Its 2023 Form 10-Q provides the company’s contemporaneous explanation.
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Large EVs require large, expensive batteries
Ford’s early EV push emphasized vehicles such as electric pickups, crossovers and SUVs. Those products can be attractive to buyers, but large vehicles often need large battery packs. The battery is one of the most expensive components in an EV, so adding range, towing capability or vehicle size can quickly raise costs.
Ford also had to absorb engineering and tooling expenses, factory launch costs, labor, battery-material costs, supplier commitments, warranty expenses and the cost of developing new vehicle architectures. Those expenses do not disappear when sales slow.
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Ford’s Model e EV division reported a $1.3 billion EBIT loss in the third quarter of 2023, even as its revenue increased. That was a segment loss, not a loss for Ford as a whole, but it demonstrated why management was reluctant to build more capacity ahead of proven demand. Associated Press coverage reported the quarterly result and the production changes.
The UAW strike added uncertainty—but was not the whole explanation
The announcement came during the 2023 United Auto Workers strike. Labor costs and uncertainty affected Ford’s broader investment environment, but Ford separated the strike’s effects from its concerns about EV adoption, pricing and profitability. It would be inaccurate to say the strike alone caused the $12 billion postponement.
Were EVs too expensive for buyers or for Ford?
This is the central distinction behind the headline.
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Why EVs could be expensive for buyers
Many EVs available in 2023 occupied relatively expensive segments, including large pickups, three-row SUVs, premium crossovers and long-range vehicles with substantial batteries. Buyers were also dealing with higher financing rates, which made monthly payments more important than the advertised sticker price.
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- The purchase price or lease payment.
- Eligibility for federal, state or local incentives.
- Home-charger equipment and electrical work.
- Electricity costs and dependence on public charging.
- Insurance, depreciation and resale value.
- Maintenance and battery-warranty considerations.
That does not mean every EV costs more to own than a comparable gasoline vehicle. EVs can have lower energy and maintenance costs, depending on electricity prices, fuel prices, driving patterns and charging access. But lower operating costs do not necessarily solve the upfront-price or monthly-payment problem that affected demand.
Why EVs could be expensive for Ford
Ford had to sell vehicles at prices customers would accept while covering the cost of batteries, factories, labor, engineering and warranty obligations. It had three unattractive choices: raise prices and risk weaker demand, cut prices and accept larger losses, or reduce production and delay capacity.
Ford chose the third option in 2023. That protected capital in the short term, but it also acknowledged that the company’s planned scale and timing were not yet supported by the market.
What happened to Ford’s EV strategy afterward?
| Date | Development | What it meant |
|---|---|---|
| October 2023 | Ford postponed about $12 billion in planned EV spending. | Capacity expansion was slowed, including the Kentucky battery-plant project and some Mach-E production. |
| 2024 | Ford broadened its electrification plan. | The company emphasized lower-cost EVs, commercial vehicles, hybrids and multiple powertrain choices. |
| December 2025 | Ford announced about $19.5 billion in special items tied largely to its revised EV strategy. | Selected larger all-electric vehicle programs were no longer considered economically viable at the planned scale. |
| 2026 | Ford disclosed an $8.1 billion impairment related to Model e long-lived assets. | The financial consequences of the earlier EV assumptions became more visible in the company’s accounts. |
In August 2024, Ford said new EVs needed a more affordable cost structure and faster path to profitability. Its announcement, filed with the Securities and Exchange Commission, described a broader approach involving lower-cost EVs, commercial vans, pickups, SUVs and hybrid vehicles.
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By December 2025, Ford said lower-than-expected EV demand, high costs and regulatory changes had weakened the business case for certain larger battery-electric vehicles. The company redirected capital toward hybrids, extended-range EVs, gas-powered trucks, commercial products and battery-energy storage. Its announcement projected approximately $19.5 billion in special items, with about $5.5 billion expected to affect cash, mainly across 2026 and 2027.
Those figures should not be treated as equivalent. A special-item total can include impairments, program cancellations and asset write-downs; it is not necessarily the same as cash that Ford will spend or lose. Ford’s December 2025 filing explains the expected cash effects and accounting consequences.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did Ford abandon electric vehicles?
No—but it abandoned the assumption that every large battery-electric program could be profitable at the originally planned volume.
Ford continued to pursue electrification, but its strategy shifted toward:
- A lower-cost Universal EV Platform designed to support more affordable vehicles.
- Hybrids and extended-range electric vehicles.
- Commercial vans and trucks.
- Gas-powered trucks and SUVs where Ford expects stronger returns.
- Battery-energy-storage systems.
An extended-range EV can use electric drive for normal operation while relying on an onboard engine or generator for additional range. It may address concerns about charging, long-distance travel and towing, but it is not the same as a pure battery EV.
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Ford’s 2025 Form 10-K records the $8.1 billion Model e impairment and provides the latest disclosed context for the company’s changed direction as of 2026.
Was delaying the investment a rational decision?
From a capital-allocation perspective, delaying capacity was defensible if Ford could not see enough demand or margin to support it. Building a battery plant too early creates years of fixed costs, while delaying gives the company time to reduce battery costs, improve manufacturing and design cheaper vehicles.
But the decision carries risks:
- Competitors may gain manufacturing scale and supplier leverage.
- Ford could lose customers and software expertise during the delay.
- Cancellation or renegotiation can still create charges and supplier costs.
- If EV adoption accelerates, Ford may have to catch up at higher cost.
- A hybrid-heavy strategy may become less competitive if regulations or consumer preferences shift more quickly toward battery EVs.
The strongest test is whether Ford can use the delay to create vehicles that are genuinely cheaper to build and buy—not simply postpone the same expensive business model.
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Ford’s experience does not prove that all EVs are unprofitable or that EV demand has disappeared. Tesla, Chinese manufacturers, startups and legacy automakers operate with different battery sourcing, manufacturing scale, software capabilities and product mixes.
It does show why automakers can support electrification while reducing the pace and size of battery-EV investment. A market may be growing, but not quickly enough to justify every factory announced during a period of high expectations. Likewise, an EV can be economical for an individual driver while still being difficult for an automaker to produce profitably.
The more accurate interpretation of the October 2023 announcement is that Ford’s original assumptions about the timing, scale and profitability of large EVs were too optimistic. The later 2025 restructuring and 2026 impairment show that this was more than a temporary production adjustment, but it still was not a complete retreat from electric vehicles.
Bottom line
Ford hit the brakes on approximately $12 billion of planned EV spending on October 26, 2023, because demand was slower, price competition was stronger and its own EV cost structure produced unacceptable losses. “EVs are too expensive” captures part of the story for buyers, but the deeper issue was whether Ford could build large electric vehicles cheaply enough to sell them at prices customers would accept.
As of 2026, Ford is still pursuing electrification—but with lower-cost EVs, hybrids, extended-range vehicles and commercial applications rather than an indiscriminate expansion of large battery-only programs.
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