The Blue Oval announced a major shift in brand strategy. Its future may be more hybrids, plug-in hybrids and EREVs than EVs.

The Blue Oval brand will pivot toward ICE and hybrid powertrains as CEO Jim Farley announces a $19.5 billion EV write-down.

Ford on Monday said it is pulling back on its electric vehicle plans, a move that will result in a $19.5 billion charge against its earnings to be taken mostly in the current quarter.

Ford announced today it has cancelled the all-electric F-150 Lightning in favor of an extended-range EV. This shift, along with a new battery segment, is a major pivot.

Ford will take a $19.5bn (£14.5bn) hit as it tore up plans to invest significant sums into electric cars. The US car giant cut back electric vehicle (EV) production, including the production of large battery-powered pickup trucks, because of a slump in demand from drivers.

Ford Motor Co. will take $19.5 billion in charges tied to a sweeping overhaul of its electric vehicle business after struggling for years to make it profitable.

Ford Motor announced a $19.5 billion charge on electric-vehicle investments on Monday, the most visible sign to date of the auto industry’s pullback from a technology carmakers wholeheartedly embraced early this decade.

Ford says it is "following the customer" in discontinuing its large electric pickup, which was well-received but never profitable. Ford will keep the Lightning name alive as a plug-in hybrid.

Ford cuts F-150 Lightning production as CEO Jim Farley shifts strategic focus to hybrids and affordable EVs, taking massive $19.5 billion charge.

What happens when a $5.8 billion bet on the future stalls before it ever truly gets rolling? In Glendale, Kentucky, the answer arrived with a jolt: Ford is laying off all 1,600 employees at its brand-new electric vehicle battery plant,