Ford has said it expects to take a $19.5bn hit as it scraps its flagship F-150 all-electric pick-up truck and other large EVs to focus more on profitable hybrids and combustion engine models.
The overhaul in the US carmaker’s strategy follows the recent cancellation of tax credits for EV purchases, as President Donald Trump seeks to further roll back regulations aimed at curbing car emissions.
Ford said that it would divert money into producing more trucks and vans, affordable EVs and an energy storage business that is expected to initially target enterprise customers such as utilities.
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