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

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

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

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,

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.

The Blue Oval brand will pivot toward ICE and hybrid powertrains as CEO Jim Farley announces a $19.5 billion EV write-down.