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Ford Motor Co. has abandoned production of an all-electric three-row SUV and will instead produce a hybrid vehicle, the company said in a statement.
Ford will record a non-cash charge of approximately $400 million due to the write-down of certain manufacturing assets related to the failure.
Changing plans could cost the company up to $1.5 billion in additional costs.
In addition, Ford has postponed the launch of its new electric pickup truck to 2027.
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