Ford announced a $19.5 billion charge to restructure and refocus its business away from EVs. The company plans to reinvest in more profitable opportunities such as hybrids and BESS.
Investments within the automotive industry could be changing for the better. Rivian's new microchip is the most aggressive push into autonomous driving technology yet.
The industry was once euphoric about EVs, but consumer demand never took off as much as expected and, as it has fizzled, automakers have shifted their plans. Over the past five years, companies have wasted billions of dollars in capital,
Changing market dynamics and policies are forcing automakers into massive decisions. Ford is restructuring and refocusing its business on hybrids and extended-range EVs.
Ford is recalling more than 270,000 electric and hybrid vehicles in the U.S. because of a parking function problem that could lead to them rolling away.
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