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

Ford stock is down today, trading about 2.4% lower near $13.3 at the time of writing. Gains of 28% in the past six months face risk after the company announced on Dec. 15 it is taking a $19.5 billion pre-tax write-down on its electric vehicle division over the next two years and shifting production

Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles.

Much of that sum reflects expenses related to canceling fully electric models that had been years in the making.

Ford Motor Co. intends to convert a Kentucky electric vehicle battery plant so it can produce cells for energy storage to power the electric grid, as the automaker seeks to repurpose EV manufacturing capacity as sales of battery-powered cars plunge in the US,

Ford said it plans to take on about $19.5 billion in one-time charges related to a restructuring as the automaker scales back some of its EV plans.

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.

Gov. Andy Beshear has long touted Ford's planned Kentucky EV battery plant. He blamed recent changes on Rep. Brett Guthrie and President Trump.

Despite Ford's change in direction, officials said they believe the BlueOval City project will continue to be a game-changer for West Tennessee.