Ford to scale back electric vehicle plans, taking $19.5bn hit
Summary
Ford announced it will reduce its focus on making large electric vehicles due to lower demand and changes in regulations. Instead, the company plans to invest in hybrid and gas-powered vehicles, resulting in an expected profit loss of $19.5 billion. This decision follows the easing of fuel economy rules under President Donald Trump.Key Facts
- Ford will scale back its plans for large electric vehicles.
- The company expects a $19.5 billion financial impact from this change.
- Demand for large EVs has been lower than expected, leading to the shift.
- President Trump’s administration has rolled back some fuel economy rules.
- Ford plans to increase investment in hybrid, gas-powered, and smaller electric vehicles.
- The F-150 Lightening will be redesigned as a hybrid vehicle.
- A new electric van model from Ford has been canceled.
- General Motors also announced a scale-back of its electric vehicle plans, taking a $1.6 billion loss.
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