In its statement about shifting away from EVs, Ford (F) also revealed plans to repurpose existing U.S. battery manufacturing capacity in Glendale, Kentucky, to serve the battery energy storage systems (BESS) market. The company also plans to invest approximately $2 billion over the next two years to scale its business.

The move comes as a response to the Trump administration’s waning support for electrification and a weakening consumer market.

Gov. Andy Beshear has long touted Ford's planned Kentucky EV battery plant. He blamed recent changes on Rep. Brett Guthrie and President Trump.

Plus, 16 states sue the Trump administration for freezing EV charging funds and Scout Motors gets license to sell directly to customers.

Shares of LG Energy Solution dropped as much as 7.6% in morning trade on Thursday after the company announced a day earlier that Ford Motor had cancelled an electric vehicle (EV) battery supply deal.

The US carmaker is backing away from large electric vehicles, citing lacklustre demand and recent regulatory changes under US President Donald Trump.

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

Both Ford and GM are outperforming the markets in 2025. However, GM looks like a better buy between the two, given the company's recent track record on execution.