Ford Motor [F +2.64%] had a year. Thirty-three percent up, the stock did. A remarkable thing, considering the general mess we’re all in. They pivoted, you see. Away from electric dreams, back to what reliably burns. So it goes.
Tariffs didn’t ruin everything, which was a surprise. The pro segment – trucks, mostly – did okay. And software, that phantom limb of modern industry, showed a flicker of life. Pickup trucks and SUVs, the real workhorses, carried the day. It’s funny, isn’t it? We build these massive machines, then spend our lives circling parking lots.
What Happened with Ford
The big news, if you can call anything “big” anymore, was the retreat from electric. President Trump made some noises, removed a subsidy, and suddenly, the future looked a lot like the past. Growth in EVs slowed. Not a shock, really. We’re not always eager to embrace what’s new.
They’re discontinuing the electric F-150 Lightning. A bold move, or a surrender? Canceling plans for other large electric trucks. Focusing on hybrids and smaller, cheaper EVs. A practical decision, perhaps. Or a delaying tactic. So it goes.
This will result in a $19.5 billion non-cash impairment charge. A paper loss, they call it. As if numbers don’t represent actual things. But it should boost profits in the foreseeable future, excluding that charge. The EV business, it turns out, was losing money. A common story.
Revenue rose 3% through the first three quarters, to $141.4 million. Adjusted operating income fell, mostly due to a fire at a supplier plant in upstate New York. A fire. It’s always something. Still, investors believe Ford is positioned for solid profit growth in 2026. They always believe something.
What’s Next for Ford
They’ve shifted strategy to higher-margin combustion and hybrid vehicles. And they’re trying to forget about the fire. Ford seems well-positioned for 2026. A comforting thought, if you can bring yourself to have one.
Investors expect adjusted earnings per share of $1.52, up from a projected $1.10 in 2025. Based on that forecast, the stock trades at roughly 9 times earnings. A reasonable valuation, if the economy doesn’t collapse. Which, of course, it might.
Ford is sensitive to macroeconomic conditions. Aren’t we all? If the economy remains steady, the automaker looks like it’s in position for more gains this year. A small hope, in a large and indifferent universe. So it goes.
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2026-01-21 21:22