Ford Is Rolling Back Some of Its EV Plans. Here's What You Need to Know [Yahoo! Finance]
General Motors Company (GM)
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Source: Yahoo! Finance
The automaker said it expects to take on about $19.5 billion in one-time charges as part of a restructuring. Ford's ( F ) electric vehicle strategy is changing gear. The automaker announced a major shift in its EV plans late Monday, with the company expecting to take on about $19.5 billion in one-time charges to account for the costs of a restructuring plan that will see the automaker focus more on hybrid and plug-in vehicles, while pulling away from pure EVs. Ford said it plans to recognize most of the $19.5 billion in charges during the fourth quarter, with about $5.5 billion in cash effects to be paid through 2027. “This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” Ford CEO Jim Farley said in a statement. “The operating reality has changed, and we are redeploying capital into higher-return growth opportunities." The next generation of Ford's F-150 Lightning electric truck will now be an extended-range EV rather than a fully ele
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