The News
US automaker Ford is shaking up its electric vehicle strategy by scrapping plans for its next-generation all-electric SUV fleet and replacing it with hybrid models. Ford is also reducing its spending on EVs from 40% to 30% of annual capital expenditures, the company said. The strategic shift could cost the car company around $1.9 billion, Bloomberg reported, and reflects a pitfall of the US EV market even as sales there continue to climb.
“American drivers are still in love with big, gas-burning trucks and SUVs,” CNN wrote, “and automakers are as eager as ever to build them.” Ford and others are also worried a future President Donald Trump could slash tax credits for EV buyers.
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