Ford will write down £14.5 billion as it cuts back production of EVs in what boss Jim Farley has described as a “customer-driven shift”.
The decision – which will mainly affect the US and other non-European markets – is hooked on a drop in driver demand for EVs.
This is especially true in Ford's US home market, where EV incentives are being scrapped and emission mandates watered down by president Donald Trump.
The biggest chunk (£4.5bn) of the write-down will come from cancelling plans for a new battery factory in Kentucky, which it was due to build with South Korea’s SK Group.
