One of America's "big three" carmakers, alongside General Motors and Stellantis. Ford has benefited from Donald Trump's relaxation of federal emissions standards, which allows it to sell more petrol cars with healthier profit margins than EVs.
Ford lowered the value of carbon credits it intends to buy in 2025 by $1.5bn, partly offsetting the estimated $2bn hit from Trump's tariffs on imported cars and parts. Such credits had previously been purchased from firms like Tesla to help meet federal fuel-economy standards. Jefferies, an investment bank, says a "credible scenario" for 2026 would see the benefits from looser emission rules outweighing the burden of tariffs.
On December 15th 2025 Ford announced it would write down the value of its assets by $19.5bn as it rethinks its EV strategy. It is ending sales of the all-electric version of its F-150 pickup, replacing it with a model featuring a small petrol engine that recharges the battery when needed. It is pressing ahead, however, on a lighter electric pickup set to hit the road in 2027, and recently signed a deal with Renault to develop small and cheap EVs for the European market. Earlier in August 2025 Ford had unveiled what it described as its "Model T moment" for EVs: a platform and production system that will underpin several new affordable models, starting with a pickup at around $30,000.
Ford faces the prospect of a dwindling presence in China, where domestic brands' share of the car market climbed from 34% in 2020 to 69% in the first four months of 2025, according to the China Association of Automobile Manufacturers. A savage price war caused by chronic overcapacity has driven the average car price down by 19% in two years, to around 165,000 yuan ($23,000). As Patrick Hummel of UBS notes, foreign firms "can't compete in a price war with locals." Ford is protected at home by 100% tariffs on Chinese cars.
Ford faces a combined tariff hit of about $8bn alongside General Motors and Stellantis on imports of cars and parts from Mexico, Canada and elsewhere.
Ignorance is never out of style. It was in fashion yesterday, it is the rage today, and it will set the pace tomorrow.