Ford to scale back electric vehicle plans, taking $19.5bn hit [Yahoo! Finance]
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Source: Yahoo! Finance
The company will instead invest in producing profitable hybrid and gas-powered vehicles and smaller, more affordable EV models. Ford said it expects its profits to take a $19.5bn (£14.6bn) hit as a result of the strategic shift, which comes as the Trump administration eases fuel economy rules. The business case for leaning heavily into EV production, specifically large-sized EV models, has "eroded", Ford said in a statement, "due to lower-than-expected demand, high costs and regulatory changes". "This is a customer-driven shift to create a stronger, more resilient and more profitable Ford," Jim Farley, Ford's chief executive, said in a statement. "The operating reality has changed, and we are redeploying capital into higher-return growth opportunities," Mr Farley added, pointing to trucks, vans, hybrid vehicles and the company's energy storage business. As part of Ford's changes to its EV plans, the company said it will no longer produce a purely electric version of its pop
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News
- General Motors (GM) Gains As Market Dips: What You Should Know [Yahoo! Finance]Yahoo! Finance
- Ford To Take $19.5 Billion Profit Hit As It Scales Back Electric Vehicle Plans [Forbes]Forbes
- More from TechCrunch [TechCrunch]TechCrunch
- Ford shifts EV strategy, takes $19.5B write-down and drops current Lightning production [Seeking Alpha]Seeking Alpha
- Ford is starting a battery storage business to power data centers and the grid [Yahoo! Finance]Yahoo! Finance
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