Ford Pulls Back From EV Plans After $19.5 Billion Hit

Key takeaways

Ford is significantly scaling back its electric vehicle ambitions after substantial financial losses.
The contrasting approaches of St. Paul and Minneapolis highlight the complexities of managing housing crises and market reactions.
The arrest of Nick Reiner has sent shockwaves through the Hollywood community, showcasing a tragic family story.
Recent security issues in California and the U.S. commitment to Ukraine reflect ongoing concerns over domestic and international safety.
The withdrawal of Kushner’s hotel project in Serbia emphasizes the impact of public opinion on business developments.

Summary

Ford's Electric Vehicle Retrenchment

Ford is facing a significant shift in its electric vehicle strategy, announcing a staggering $19.5 billion in charges linked mainly to its EV investments. The company lost $13 billion in 2023 on its electric vehicle business and is now pivoting towards gas vehicles and hybrids, including an extended range version of the F-150 truck. This move reflects broader industry challenges, including regulatory changes and declining demand for EVs as automakers reassess their electric futures.

Minnesota's Housing Crisis: A Tale of Two Cities

The Twin Cities of Minnesota are grappling with a housing crisis, showcasing different strategies to address soaring costs. St. Paul's stringent rent control policies led to a dramatic 79% decline in building permits, while Minneapolis's focus on increasing housing supply resulted in a building permit increase of 400%. The contrasting outcomes highlight the economic principles and market reactions to regulation, drawing commentary from housing experts about the balance between increasing supply and addressing the needs of low-income renters.

Tragic News from Hollywood

In alarming news, Nick Reiner, son of renowned director Rob Reiner, has been arrested for the suspected murder of his parents, Rob and Michelle Reiner, found dead in their home. The case is drawing significant attention and reactions from public figures, including former presidents, underlining the tragedy's impact on the Hollywood community. Rob Reiner was known for his political activism, particularly as a critic of the former presidential administration.

Bomb Plot Arrests and International Security

In California, authorities arrested four individuals connected to a bomb plot targeting New Year's celebrations. The defendants were tied to an anti-government group known for advocating violence. Meanwhile, the U.S. is reaffirming its commitment to Ukraine in ongoing peace talks amid a complex geopolitical landscape involving Russia. These developments underline serious national security concerns both domestically and internationally.

Kushner's Hotel Plans Withdrawn

Jared Kushner has retracted his plan to develop a Trump-branded hotel in Serbia following political backlash and public protests. The project has become a focal point of controversy, with implications for Kushner's firm, which is publicly associated with significant financial backing from Middle Eastern governments. This unexpected withdrawal marks an abrupt end to a project that Kushner pursued for over two years.

Show notes

P.M. Edition for Dec. 15. Ford expects to take about $19.5 billion in charges as it retrenches from electric vehicles. WSJ’s Rebecca Picciotti unpacks how two starkly different approaches to housing costs played out in Minnesota’s Twin Cities. And Hollywood director Rob Reiner’s son Nick Reiner has been arrested on suspicion of murder in his parents’ deaths. Sabrina Siddiqui hosts.

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