The Blue Oval announced a major shift in brand strategy. Its future may be more hybrids, plug-in hybrids and EREVs than EVs.

The Blue Oval brand will pivot toward ICE and hybrid powertrains as CEO Jim Farley announces a $19.5 billion EV write-down.

Ford announced today it has cancelled the all-electric F-150 Lightning in favor of an extended-range EV. This shift, along with a new battery segment, is a major pivot.

Ford’s announcements today can’t be said to have come out of the blue. Rumors of the F-150’s demise have been circulating for more than a month, and last week SK On ended its joint venture with Ford that was building a pair of EV battery plants in Kentucky and Tennessee.

Ford will take a $19.5bn (£14.5bn) hit as it tore up plans to invest significant sums into electric cars. The US car giant cut back electric vehicle (EV) production, including the production of large battery-powered pickup trucks, because of a slump in demand from drivers.

Ford says it is "following the customer" in discontinuing its large electric pickup, which was well-received but never profitable. Ford will keep the Lightning name alive as a plug-in hybrid.

What happens when a $5.8 billion bet on the future stalls before it ever truly gets rolling? In Glendale, Kentucky, the answer arrived with a jolt: Ford is laying off all 1,600 employees at its brand-new electric vehicle battery plant,

The Detroit auto giant said on Monday it would pull back from electric vehicles in a move that would cost the company nearly $20 billion.