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more affordable EVsCNBC
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74% Informative
Ford Motor believes prioritizing smaller vehicles will help the company on its path to EV profitability.
The automaker wants to expand its growingly popular hybrid models and create more affordable electric vehicles that it believes will better compete against Chinese competitors.
But its shift in focus — which involves canceling a large, three -row electric SUV and other changes — will cost the automaker up to $1.9 billion .
Ford 's new plans are polar opposite of its closest rival, General Motors .
The hybrid plans include offering such options across its entire North American lineup by 2030 .
Ford is also accelerating the mix of battery production in the U.S. that will qualify for tax incentives and credits.
There's also an industry-wide fear that Chinese automakers could flood markets with cheaper, more profitable EVs.
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