Ford to scale back electric vehicle plans, taking $19.5bn hit

Ford Motor Company has announced a significant scaling back of its electric vehicle (EV) plans, resulting in a $19.5 billion hit to the company. This decision comes amid a shift in consumer demand and recent regulatory changes under the Trump administration. The company will focus on more compact and mid-sized EV models, moving away from the production of larger electric vehicles. This strategic shift is attributed to the lack of consumer interest in the company's existing EV offerings, as well as the impact of regulatory changes that have favoured fossil-fuel-powered vehicles. The $19.5 billion charge reflects the company's efforts to realign its EV strategy and adjust its product portfolio to better suit market demands. Ford's move highlights the challenges faced by the automotive industry in navigating the transition to electric mobility and the importance of adapting to evolving consumer preferences and regulatory environments.