Historic Turn! Ford (F.US) goes from All-In to retreat: Taking a $19.5 billion charge to abandon pure electric cars, strategically doubling down on hybrid and energy storage.

According to the URB Meter APP, Ford Motor Company (F.US) announced on Monday that it will make a provision of $19.5 billion for investments in electric vehicles. This is the most obvious sign to date of the automotive industry abandoning electric vehicle technology, which manufacturers had wholeheartedly embraced at the beginning of this century. Most of this funding will be used to cover the costs related to the cancellation of the fully electric vehicle model that has been in development for several years. Ford is now shifting its focus to expanding the market for traditional fuel vehicles and hybrid vehicles to better meet the preferences of American car buyers.