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

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

Ford on Monday said it is pulling back on its electric vehicle plans, a move that will result in a $19.5 billion charge against its earnings to be taken mostly in the current quarter.

Ford will take a $19.5bn (£14.5bn) hit as it tore up plans to invest significant sums into electric cars. The US car giant cut back electric vehicle (EV) production, including the production of large battery-powered pickup trucks, because of a slump in demand from drivers.

Much of that sum reflects expenses related to canceling fully electric models that had been years in the making.

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.

Ford already has vehicles that fill the space in the U.S. market that the Ranger PHEV and Super Duty are designed to fill outside of it.