Ford said Monday it expected to take about $19.5 billion in charges as it retreats from the electric vehicle business, a massive hit as the automaker pivots to traditional gas vehicles along with hybrid and plug-in hybrid models in place of EVs.
The Wall Street Journal reports that in a stunning blow to the U.S. auto industry’s ambitious EV plans, Ford Motor announced on Monday that it expects to incur approximately $19.5 billion in charges, primarily due to its struggling electric vehicle business. The staggering write-down marks the largest impairment taken by a company in Detroit’s history and underscores the challenges faced by automakers…
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