Business
Ford to record $19.5 billion in special charges related to EV pullback
DETROIT — Ford Motor expects to record about $19.5 billion in special items related to a restructuring of its business priorities and a pullback in its all-electric vehicle investments, the company announced Monday.
The Detroit automaker said most of those charges will occur during the fourth quarter. That will be followed by $5.5 billion in cash to be charged through 2027, and the majority of that chunk will be paid next year, Ford said.
The charges will impact the automaker’s net results but not its adjusted earnings. The automaker said Monday it was increasing its guidance of adjusted earnings before interest and taxes to about $7 billion in 2025. That’s in line with a target from earlier this year, before the company lowered expectations to between $6 billion and $6.5 billion in adjusted EBIT in October.
The charges announced Monday, including $8.5 billion in write-downs of EV assets, are connected to major changes to Ford’s business plans.
The new plans include refocusing investments on hybrid vehicles, including plug-in models rather than pure EVs; canceling a next generation of large all-electric trucks in exchange for smaller, more affordable EVs; and a rebalancing of its investments in core products such as trucks and SUVs.
The changes are the latest under Ford CEO Jim Farley and his “Ford+” restructuring plan that has taken on many different forms since he initially announced it as an EV growth plan in 2021.
“We evaluated the market, and we made the call,” Farley told CNBC’s “Closing Bell Overtime” on Monday. “We’re following customers to where the market is, not where people thought it was going to be, but where it is today.”
Ford, GM and Stellantis stocks.
The EV segment has experienced a sales slump domestically after the Trump administration put an early end in September to a $7,500 federal tax credit previously available for EV buyers in the U.S.
Farley said on CNBC that policy “wasn’t the only reason why we made this choice,” but he acknowledged it did play a role.
Ford also said Monday that its all-electric F-150 Lightning pickup will transition to an extended-range EV, or EREV, that includes an electric powertrain as well as a gas-powered generator, and it announced plans to use battery plants in Kentucky and Michigan for a new stationary energy storage business.
“The last couple of months have been really clear to us,” Farley told CNBC’s Phil LeBeau. “The very high-end EVs — the $50,000, $70,000, $80,000 vehicles — they just weren’t selling.”
Ford said the changes are expected to provide “a path to profitability” for its Model e electric vehicle business by 2029, targeting annual improvements beginning in 2026. The automaker also said it expects the changes to improve profits in its traditional Ford Blue unit and Ford Pro commercial and fleet business “over time with early signs of benefits in 2026.”
The automaker said it expects approximately 50% of its global volume by 2030 will be hybrids, EREVs and fully electric vehicles, up from 17% in 2025.
“These are big decisions that we believe will pay off for years to come for our customers, our employees, American jobs and manufacturing,” Andrew Frick, president of the Model e and Blue businesses, said Monday during a media call. “Ford is following the customer. We are looking at the market as it is today, not just as everyone predicted it to be five years ago.”
Ford said it will concentrate its North American electric vehicle development on its new, low-cost, flexible Universal EV Platform that’s expected to underpin a “high-volume family of smaller, highly efficient and affordable electric vehicles.”
The first vehicle from the new platform will be a “fully connected midsize pickup truck” assembled at the company’s Louisville Assembly Plant starting in 2027.
The company also expects its new storage business to be producing and shipping units by 2027 for things such as “data centers, the electric gird and much more,” Frick said.
“This is a compelling opportunity. It’s a market with huge potential and strong demand,” he said. “We will have 20 gigawatt hours of annual capacity for this market.”
Ford stock rose about 2% in after-hours trading Monday.
Shares of Ford closed Monday at $13.65, down less than 1%. Ford stock as of Monday’s close was up nearly 40% this year.
India’s budget focuses on infrastructure and defence spending and tax breaks for data-centre investments.
Source link
Business
New Income Tax Act 2025 to come into effect from April 1, key reliefs announced in Budget 2026
New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time, and the Income Tax Act 2025 will come into effect from April 1, 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, for) ease of living,” she said while presenting the Budget 2026-27
In a move that directly eases cash-flow pressure on individuals making overseas payments, the Union Budget announced lower tax collection at source across key categories.
“I propose to reduce the TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. I propose to reduce the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent,” said Sitharaman.
She clarified withholding on services, adding that “supply of manpower services is proposed to be specifically brought within the ambit of payment contractors for the purpose of TDS to avoid ambiguity”.
“Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only,” she mentioned during her Budget speech.
The Budget also proposes a tax holiday for foreign cloud companies using data centres in India till 2047.
Business
Budget 2026 Live Updates: TCS On Overseas Tour Packages Slashed To 2%; TDS On Education LRS Eased
Union Budget 2026 Live Updates: Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026-27 in Parliament, her record ninth budget speech. During her Budget Speech, the FM will detail budgetary allocations and revenue projections for the upcoming financial year 2026-27. Sitharaman is notably dressed in a Kanjeevaram Silk saree, a nod to the traditional weaving sector in poll-bound Tamil Nadu.
The budget comes at a time when there is geopolitical turmoil, economic volatility and trade war. Different sectors are looking to get some support with new measures and relaxations ahead of the budget, especially export-oriented industries, which have borne the brunt of the higher US tariffs being imposed last year by the Trump administration.
On January 29, 2026, Sitharaman tabled the Economic Survey 2025-26, a comprehensive snapshot of the country’s macro-economic situation, in Parliament, setting the stage for the budget and showing the government’s roadmap. The survey projected that India’s economy is expected to grow 6.8%-7.2% in FY27, underscoring resilience even as global economic uncertainty persists.
Budget 2026 Expectations
Expectations across key sectors are taking shape as stakeholders look to the Budget for support that sustains growth, strengthens jobs and eases financial pressures:
Taxpayers & Households: Many taxpayers want practical improvements to the income tax structure that preserve simplicity while supporting long-term financial planning — including broader deductions for home loan interest and diversified retirement savings options.
New Tax Regime vs Old Tax Regime | New Income Tax Rules | Income Tax 2026
Businesses & Industry: With industrial output and investment showing resilience, firms are looking for policies that bolster capital formation, ease compliance, and expand infrastructure spending — especially in manufacturing and technology-driven sectors that promise jobs and exports.
Startups & Innovation: The startup ecosystem expects incentives around employee stock options and capital access, along with regulatory tweaks that encourage risk capital and talent retention without increasing compliance burdens.
Also See: Stock Market Updates Today
The Budget speech will be broadcast live here and on all other news channels. You can also catch all the updates about Budget 2026 on News18.com. News18 will provide detailed live blog updates on the Budget speech, and political, industry, and market reactions.
We are providing a full, detailed coverage of the union budget 2026 here, with a lot of insights, experts’ views and analyses. Stay tuned with us to get latest updates.
Also Read: Budget 2026 Live Streaming
Here are the Live Updates of Union Budget 2026:
WIRED’s Guide to Actually Fun Valentine’s Day Gifts
Between the sheets at the college Excel championships
The Information Networks That Connect Venezuelans in Uncertain Times
-
Business1 week agoSuccess Story: This IITian Failed 17 Times Before Building A ₹40,000 Crore Giant
-
Fashion1 week agoSouth Korea tilts sourcing towards China as apparel imports shift
-
Sports5 days agoPSL 11: Local players’ category renewals unveiled ahead of auction
-
Sports1 week agoWanted Olympian-turned-fugitive Ryan Wedding in custody, sources say
-
Tech1 week agoStrap One of Our Favorite Action Cameras to Your Helmet or a Floaty
-
Entertainment1 week agoThree dead after suicide blast targets peace committee leader’s home in DI Khan
-
Tech1 week agoThis Mega Snowstorm Will Be a Test for the US Supply Chain
-
Sports1 week agoStorylines shaping the 2025-26 men’s college basketball season