According to news agency, AFP Ford announced a major retreat from large electric vehicles, planning a write-off of about US$19.5 billion over several years as it pivots toward hybrids, gas-powered trucks and a new battery storage business.
The Detroit automaker said it will cancel plans for select larger EVs – including its F-150 Lightning – due to weak demand, elevated costs and regulatory changes, marking a significant shift in strategy as the industry grapples with slower-than-expected electric vehicle adoption.
“This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” CEO Jim Farley said.
“The operating reality has changed, and we are redeploying capital into higher-return growth opportunities.”
The shift by Ford comes just days after President Donald Trump moved to revoke tougher fuel-economy standards put in place by his Democratic predecessor, Joe Biden, which had prompted US companies to embrace a transition to electric vehicles.
Farley at the time praised Trump for “aligning fuel economy standards with market realities,” calling it “a win for customers and common sense.”
Trump has railed against what he calls an EV “mandate,” while Republicans in Congress have repealed clean-energy tax credits that had also stoked demand for EVs.
Remaining EV efforts at Ford will now concentrate on a family of smaller, affordable electric vehicles, instead of higher-cost larger vehicles.
