Ford to scale back electric vehicle plans, taking $19.5bn hit

Ford has announced a significant overhaul of its electric vehicle strategy, resulting in a $19.5 billion loss. This decision comes amid weak demand for electric vehicles and regulatory changes implemented during Donald Trump's presidency, leading the company to scrap plans for its flagship all-electric pick-up truck.

Ford has announced a staggering $19.5 billion loss as it reevaluates its electric vehicle (EV) strategy, marking a significant setback for the U.S. auto industry in its pursuit of EV ambitions. This decision comes amid ongoing challenges, including weak demand for electric vehicles and regulatory changes that have impacted the market landscape.

Ford CEO Jim Farley announced that the company's overhaul of its electric vehicle (EV) business is expected to be profit positive, emphasizing a strategic pivot towards energy storage during an interview on Bloomberg The Close.

Ford announced a $19.5 billion writedown and the discontinuation of several electric vehicle models, including the F-150 Lightning, as it shifts focus towards gas and hybrid vehicles amid declining demand for EVs and the impact of Trump administration policies.

Ford CEO Jim Farley announced a strategic overhaul of the company's electric vehicle (EV) business, asserting that the shift will lead to profitability after years of struggles. In an interview with Bloomberg, Farley emphasized the need for this pivot to ensure the company's competitiveness in the evolving automotive market.

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