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.