Ford abandons production of large electric vehicles, making a massive provision of $19.5 billion to shift focus to hybrid vehicles and small electric vehicles

Ford Motor announced the abandonment of its plan to produce large electric vehicles, instead investing in hybrid vehicles and small electric vehicles due to weak demand and policy changes. This move will result in a provision of $19.5 billion, with expectations for profitability in the electric vehicle business by 2029. Ford will no longer produce the F-150 Lightning all-electric version, focusing on hybrid and fuel vehicles. The CEO stated that they will launch low-cost electric vehicles to compete with Chinese manufacturers. The penetration rate of electric vehicles in the United States is lower than in places like China, due to weak government support