Ford has written off $1.9bn as it cancelled plans for an all-electric large SUV in the US, opting to produce a hybrid version instead in the latest sign of western carmakers struggling to make profitable electric cars.
The US carmaker said on Wednesday that it would not be able to reach a profit on the electric SUV within a year, its measure of whether a new car is viable, citing the stiff competition from Chinese manufacturers. It will initially write off the cost of $400m (£300m) in tooling for the vehicle, plus another $1.5bn (£1.15bn) in extra costs in the future.
Ford also said it would delay the successor to its F-150 Lightning electric pickup truck until 2027, after initially targeting a launch next year.
They are the customer of future “too big to fail” government bailouts, and they are choosing to get more free money.
socialize losses, privatize profit