WSJ What’s News – Ford Pulls Back from EV Plans After $19.5 Billion Hit

Date: December 15, 2025
Host: Sabrina Siddiqui (for The Wall Street Journal)

Episode Overview

This episode dives into Ford's massive $19.5 billion write-down on its electric vehicle (EV) investments and what it means for the automaker's future. It also explores contrasting housing policy outcomes in Minnesota’s Twin Cities, major security developments between the U.S. and Ukraine, and business headlines including the collapse of a Trump-branded hotel deal in Serbia.

The theme centers on how shifts in regulation, demand, and public policy are prompting major reversals and realignments—both in corporate strategy and urban governance.

Key Discussion Points and Insights

Ford’s $19.5 Billion EV Write-Down and Strategic Pivot

[07:22]

• Announcement: Ford revealed it expects to take about $19.5 billion in charges, chiefly linked to its EV business.
  • “Ford says it expects to take about $19.5 billion in charges mainly tied to its electric vehicles.” – Sabrina Siddiqui [07:27]
• Background: Since 2023, Ford has lost $13 billion on its EV business, citing regulatory changes and weak consumer demand.
• Strategic Shift:
  • Ford will now pivot to increase gas and hybrid offerings, moving away from an all-in EV approach.
  • Key move includes stopping production of the F-150 Lightning (EV version) in favor of an extended-range hybrid model.
    • "It will stop making an EV version of its F-150 pickup truck called the Lightning. It will instead make what’s known as an extended range version of the truck.” – Sabrina Siddiqui [07:37]
  • By 2030, hybrids, EVs, and extended-range EVs are projected to account for about half of Ford’s global volume.
• Industry context: U.S. automakers are broadly slowing EV rollouts due to regulatory uncertainty and tepid demand.
• Market Reaction: Ford shares rose 1.5% in after-hours trading despite the news.
  • “Ford shares rose about 1.5% in after hours trading.” – Sabrina Siddiqui [08:17]

Housing Policy Experiments in Minnesota’s Twin Cities

[03:33 – 06:36]

St. Paul: Rent Control Rollback

• Rent Cap Implementation:
  • In 2022, St. Paul capped annual rent increases at 3% for most apartments.
• Outcome:
  • This led to a steep decline in new housing construction, with building permits for Jan–May 2022 dropping 79% compared to the previous year.
    • “Development pretty much fell off a cliff… building permits in St. Paul were 79% lower than the same period the year before.” – Rebecca Pichotto [04:02]
  • Developers and investors were deterred by rent restrictions, stalling new projects and conversions.
• Policy Reversal:
  • The city is beginning to roll back parts of its policy after seeing the unintended chilling effect.
  • “It’s not a wholesale rebuke of rent control, but the first attempt didn’t necessarily go as planned.” – Rebecca Pichotto [04:58]

Minneapolis: Housing Supply Boost

• Policy Approach:
  • Instead of rent control, Minneapolis reformed zoning in 2020 to enable more apartment construction, especially in neighborhoods previously zoned for single family homes.
• Results:
  • During Jan–May 2022, building permits surged to four times the previous year’s level.
    • “Building permits were four times as high as the year before.” – Rebecca Pichotto [04:44]
  • Some neighborhoods, like the North Loop, saw a surge in high-end apartment construction, creating a vibrant scene for young renters.
• Caveats:
  • Despite the building boom, most new units skewed luxury, leaving affordability concerns for lower-income renters.
  • Experts are still searching for a policy mix that boosts supply without rapid displacement.
    • “Lower income renters in Minneapolis say …new building doesn’t necessarily benefit them. The new apartments skew. Luxury.” – Rebecca Pichotto [05:57]

Security Updates: U.S. and Ukraine

[08:42]

• Security Guarantees:
  • The U.S. has pledged to protect Ukraine from future Russian attacks as part of ongoing peace negotiations in Berlin.
• Details:
  • The offer is for U.S. support of European security guarantees, with the level of potential American military involvement still unclear.
  • Territorial disputes and political uncertainties still weigh on talks, with skepticism over whether agreements can be reached by year-end.

Jared Kushner and the Trump Hotel in Serbia

[08:42 – 10:49]

• Project History:
  • Jared Kushner planned a Trump-branded hotel in Belgrade, Serbia, slated for a site damaged during NATO’s 1999 bombing.
  • The project drew significant protest and led to a Serbian political scandal.
• Abrupt Withdrawal:
  • Following the indictment of a Serbian cabinet minister and three others over their roles in the project, Kushner’s firm, Affinity Partners, pulled out, citing “respect for the people of Serbia.”
    • “Kushner’s private equity firm, Affinity Partners, said it was stepping aside out of respect for the people of Serbia. It was an abrupt end to a development the president’s son in law had pursued for more than two years.” – Sabrina Siddiqui [10:21]

Other Noteworthy Headlines

• Rob Reiner Tragedy:
  • Nick Reiner, son of director Rob Reiner, arrested on suspicion of murdering his parents (Rob and Michelle Reiner), prompting major public responses from celebrities and politicians. [01:01 – 01:55]
  • “Rob Reiner was known for his liberal advocacy and was a Democratic donor. He was also a critic of President Trump, who said today… that Rob Reiner was tortured and struggling…” – Sabrina Siddiqui [01:55]
• Domestic Terror Plot Foiled:
  • Four arrested in California for alleged plot to detonate explosives at New Year’s Eve, targeting logistics businesses. [02:28]
• Business Headlines:
  • JPMorgan Chase financing $7.4 billion zinc smelter in Tennessee to secure critical minerals. [07:22]
  • EU sanctions two traders on accusations of facilitating Russian energy exports, tightening economic pressure on Moscow. [09:09]
    • “It’s a big swing at a clandestine market that has bankrolled Moscow’s war against Ukraine.” – Sabrina Siddiqui [09:21]

Notable Quotes & Memorable Moments

• On the failure of rent control in St. Paul:

  • “Development pretty much fell off a cliff… building permits in St. Paul were 79% lower than the same period the year before.”
    – Rebecca Pichotto [04:02]

• On Minneapolis’ different housing outcome:

  • “Building permits were four times as high as the year before…”
    – Rebecca Pichotto [04:44]

• On Ford’s transformation:

  • “Ford has lost $13 billion on its EV business since 2023 and says it will now build up its lineup of gas vehicles and shift to hybrids.”
    – Sabrina Siddiqui [07:35]

• On new construction and equity:

  • “Lower income renters in Minneapolis say that all of this new building doesn’t necessarily benefit them. The new apartments skew. Luxury housing experts are still looking at trying to find this balance...”
    – Rebecca Pichotto [05:57]

• On U.S. security commitments to Ukraine:

  • “The offer came on the second day of talks in Berlin among the U.S. Ukraine and European leaders. It includes U.S. support for European security guarantees and seeks Senate backing for Washington’s promised role.”
    – Sabrina Siddiqui [08:49]

Timestamps for Key Segments

• [03:33] – Twin Cities housing policy discussion begins
• [04:02] – St Paul’s rent control effects detailed
• [04:44] – Minneapolis’ pro-building strategy outcomes
• [05:51] – Analysis and expert takeaways on rent control vs. supply
• [07:22] – Ford’s $19.5B EV write-down & strategic shift
• [08:42] – Support for Ukraine and EU sanctions on Russian traders
• [09:46] – Jared Kushner pulls out of the Trump hotel project in Serbia

Summary

This WSJ What’s News episode spans corporate, political, and urban stories that all highlight hard pivots in strategy—from Ford’s scaling back of electric vehicle ambitions after years of losses, to Minnesota’s divergent city housing policies, and big reversals in international business and security stances. The show underscores how market forces, political pressure, and public sentiment are forcing decision-makers to re-examine their bets and adapt for the future.