04:47 PM EDT, 05/10/2024 (MT Newswires) -- Ford Motor ( F ) is scaling back on orders of batteries for electric vehicles as the carmaker looks to curb losses in producing EV models, people familiar with the matter told Bloomberg News.

The move reflects significant changes in Ford's EV strategy, with the company delaying new models, lowering prices and cutting spending on battery-powered models by around $12 billion, the people said. The EV operations are expected to cost Ford $5.5 billion in losses during 2024, it recently estimated.

Ford did not immediately return messages from MT Newswires seeking comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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