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A month or so ago, Ford announced a further delay in their "Blue Oval City" EV pickup plant. Production start date has now been pushed back to 2028, vs the original start of production, in 2025.
A couple weeks ago, GM announced more reductions in EV production rates. CEO Mary Barra recently sold some 40% of her GM stock.
Now, Strabismus announces the cancellation of the Ram EV pickup.
Ram cancels plans for all-electric pickup truckhttps://www.cnbc.com/2025/09/12/stellantis-ram-ev-...So, again, why did Farley order the end of production of the popular Escape SUV, which was offered in both ICE and hybrid models, to retool the plant, for a midsize EV pickup?
Steve conspiracy theory:
Farley has no intention of building that midsize EV pickup. He wanted to kill the Escape, because it was the lowest price, lowest margin, product in the line, so dropping it automatically improves the corporate ATP and GP metrics. Closing a US plant, and laying off 2800 Americans, would not go down well with Trump, so he touts a vaporware EV, to provide political cover.
Second stanza of the conspiracy theory. The midsize EV pickup retooling will encounter "challenges" so production will be put off until 2028. Blue Oval City has also been walked back to 2028. Farley turns 65 in 2027. Working theory is Farley will stuff his pockets full of money, and retire in 27. So, it will be up to the next CEO, to announce none of their EV programs are viable, and the company needs to write off tens of Billions that Farley blew on the EV programs.
As of Q2, Ford has about $100B in long term debt, about $56B in short term debt, and $45B in equity. Farley has boasted Ford will sink some $50B into it's EV programs, by 2026. Of course, Ford having zero, or negative, equity, is not necessarily fatal. Boeing has been limping along for years, Billions into negative equity.
Steve
