Reported about 2 months ago
Ford Motor Co. is shifting its focus away from electric vehicles, canceling plans for a fully electric SUV and cutting back its EV spending to 30% of annual capital expenditures from 40%. This pivot, which may cost the company about $1.9 billion, includes postponing plans for a next-generation electric pickup and redefining battery sourcing strategies, aiming to better compete against cheaper Chinese rivals. CEO Jim Farley emphasizes the need for profitability, stating that no new EV projects will be approved unless they can turn a profit within a year.
Source: YAHOO