“I think the customer has spoken. That’s the punchline,” said Jim Farley, the chief executive of Ford.
The American boss was speaking last week as his company unveiled a $5bn (£3.7bn) annual loss, barely two months after it had booked a shock $19.5bn write-down.
The cause? An aggressive bet on electric vehicles (EVs) that backfired spectacularly.
Ford isn’t the only automotive giant counting the costs of a failed bet on electric.
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