Ford to Take $19.5 Billion in Charges Tied to EV Overhaul (3)

Ford Motor Co. will take $19.5 billion in charges tied to a sweeping overhaul of its electric vehicle business after struggling for years to make it profitable.

The majority of the charges will come in the fourth quarter, Ford said Monday in a statement. As part of the strategic shift, the automaker is canceling a planned electric F-Series truck, shifting production toward gas and hybrid vehicles and repurposing an EV battery plant.

Ford will also convert its signature electric F-150 Lightning pickup into an extended-range hybrid vehicle.

The magnitude of asset impairments and writedowns is a testament both to ...