Ford cuts EV spending by $12bn, delays new EVs, and postpones battery plants due to growing losses in EV business.
Ford cuts electric vehicle orders from suppliers due to growing losses in EV business, reducing spending by $12bn, delaying new EVs, and postponing battery plants. The company faces falling demand for plug-in models and a backlog of unsold battery inventory. Despite EV losses of up to $5.5bn this year, Ford remains optimistic about the future of EVs and invests in new products and software engineers to make EVs more affordable and profitable.
May 10, 2024
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