福特Q4巨亏111亿美元！电动转型遭遇“至暗时刻”_老虎社区_美港股上老虎

福特Q4巨亏111亿美元！电动转型遭遇“至暗时刻”

汽车产业前线观察02-12

当特斯拉在降价中寻找平衡，比亚迪在全球攻城略地时，美国百年汽车巨头福特却交出了一份令市场震惊的财报——2025年第四季度净亏损高达111亿美元，创下自2008年金融危机以来最差单季表现。更令人唏嘘的是，这场“雪崩”的导火索，正是其曾寄予厚望的电动化战略。“不是所有押注未来的赌局都能赢。有时候，慢一步是落后，快一步却是深渊。”销量下滑、对手反超：电动战场节节败退2025年，福特在美国市场总销量增长...

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Electric transformation encounters \"darkest moment\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EBIT":1,"GM":1,"F":0.9},"content_text":"当特斯拉在降价中寻找平衡，比亚迪在全球攻城略地时，美国百年汽车巨头福特却交出了一份令市场震惊的财报——2025年第四季度净亏损高达111亿美元，创下自2008年金融危机以来最差单季表现。更令人唏嘘的是，这场“雪崩”的导火索，正是其曾寄予厚望的电动化战略。“不是所有押注未来的赌局都能赢。有时候，慢一步是落后，快一步却是深渊。”销量下滑、对手反超：电动战场节节败退2025年，福特在美国市场总销量增长6%，达220万辆，看似稳健。但细看电动车板块，却是一片惨淡：全年仅售出84,000辆纯电动车，同比下滑14.7%。而它的“同城死敌”通用汽车（GM）却逆势狂飙——2025年EV销量达169,887辆，同比增长48%，几乎是福特的两倍。这一差距，不仅暴露了产品力的不足，更折射出战略节奏的严重错判。195亿美元“战略回撤”：电动梦碎？为应对困局，福特在2025年12月紧急推出新版“Ford+”计划，核心是：暂缓高端纯电，转向混动与低价EV。这一转向代价巨大。公司在Q4一次性计提195亿美元特殊费用，其中：$107亿用于“Model e资产减值与EV项目取消”；$32亿来自BlueOval SK电池合资企业处置；$8亿因取消三排座电动SUV项目。最标志性的动作，是正式停产F-150 Lightning纯电皮卡，并计划在2027年以“增程式电动”（EREV）版本回归。这意味着，福特承认：当前纯电路线，在成本与市场接受度上难以为继。聚焦“可负担的电动”：2027年能否翻身？尽管阵痛剧烈，福特并未放弃电动化，而是选择“降维打击”。公司宣布将基于全新Universal EV（UEV）平台，在2027年起推出5款售价低于4万美元（约29万元人民币）的电动车型，首战即为中型电动皮卡。同时，福特加速国际合作：与雷诺合作，基于Ampere平台开发面向欧洲的低成本电动车，以分摊研发与制造成本。CEO吉姆·法利坦言：“我们必须打造可扩展、可盈利、真正被大众买得起的电动车，而不是只为少数人服务的科技玩具。”2026展望：传统业务扛大旗，Model e继续“烧钱”福特预计，2026年调整后息税前利润（EBIT）将在$80亿至100亿美元之间。其中：Ford Pro（商用车）：贡献$65–75亿；Ford Blue（燃油车）：贡献$40–45亿；Ford Model e（电动车）：继续亏损$40–45亿，但较2025年略有收窄。换言之，福特的生存命脉，仍牢牢系于燃油车与商用车——那个它最熟悉的“旧世界”。结语：壮士断腕，还是战略溃退？福特的巨亏，不是失败，而是一次痛苦的战略校准。在补贴退坡、成本飙升、需求疲软的三重夹击下，盲目追求“全电”已成奢侈。它的选择，或许代表了一种更现实的路径：不为电动而电动，而为用户价值而电动。真正的电动革命，不在于谁喊得最响，而在于谁能造出老百姓真正愿意买单的车。2027年，将是福特电动命运的真正大考。届时，市场会给出最终答案。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}