Ford scales back EV ambitions, forecasts $19.5 bn write-down

Ford Motor Company announced Monday a major retreat from large electric vehicles, planning a write-off of about $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 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.