“This is a customer-driven shift to create a stronger, more resilient and more profitable Ford. 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.”

– Ford Motor Company CEO Jim Farley, in announcing a major pullback from the production of electric vehicles after suffering nearly $20 billion in losses from that failed gambit.