Ford pauses a $12 billion EV investment, after saying electric vehicles are too expensive

• Ford has postponed $12 billion in spending on EV manufacturing capacity.
• The company has warned that electric vehicles are too expensive and that demand is slowing.
• Other automakers are also cutting investment and abandoning manufacturing targets.

Ford has halted billions of dollars in investment in EV manufacturing, warning that customers will not pay a premium for these vehicles.

The auto giant announced in its third-quarter earnings call on Thursday that it would postpone $12 billion in planned spending on electric vehicle production and pause some major projects, including the construction of a new battery factory in Kentucky.