Ford on Monday announced it took a massive $19.5 billion hit tied to its electric vehicle production and said it will scrap the electric F-15 truck touted by Joe Biden.
Ford Motors poured billions of dollars into producing electric vehicles as the Biden Regime waged a war on gas-powered vehicles.
The automaker previously reported it lost billions of dollars on their electric vehicles.
The electric vehicles have proven to be a money pit for Ford.
On Monday, Ford announced it scrapped its electric vehicles after being forced to write down $19.5 billion.
“This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” said Ford president and CEO Jim Farley.
“The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids and high-margin opportunities like our new battery energy storage business,” he said.
Fortune reported:
The Dearborn, Michigan-based automaker will make a series of changes to its line of vehicles and production facilities to focus on producing affordable vehicles that better align with customer desires, it announced Monday.
The company will also scrap production of certain larger EVs—including the F-150 Lightning, which it will retool as an electric vehicle with a gas-powered generator—as well as redouble development of smaller, lower-cost cars, including a midsize pickup truck in 2027.
Recall that Joe Biden traveled to Dearborn, Michigan, to Ford’s Rouge Electric in 2021 to take Ford’s new Lightning for a spin.
“This sucker’s quick!” Biden said as he ‘test drove’ Ford’s new electric F-150 Lightning.
This is of course after he threatened to run over a reporter who asked him a question about Israel.
While driving the vehicle, Biden stopped to speak to reporters who were gathered.
“Mr. President, can I ask you a quick question on Israel before you drive away since it’s so important?” the reporter asked.
“No you can’t. Not unless you get in front of the car as I step on it. I’m only teasing,” Biden said, before speeding off.
And the media clapped.
WATCH:
REPORTER: Mr. President, can I ask you a quick question on Israel before you drive away since it’s so important?
BIDEN: No you can’t. Not unless you get in front of the car as I step on it. I’m only teasing.pic.twitter.com/A3jrsIi5mR
— JM Rieger (@RiegerReport) May 18, 2021
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