Ford announced roughly $19.5 billion in special charges, mostly in the fourth quarter, as it restructures and pulls back on all-electric vehicle investments — canceling next-generation large electric trucks, refocusing on hybrids, and converting the F-150 Lightning to an extended-range design. CEO Jim Farley said, "We evaluated the market, and we made the call," and Ford raised its 2025 adjusted EBIT guidance to about $7 billion.