United StatesAuto And Cars

Ford Motor (NYSE:F) will absorb a massive $19.5 billion writedown after slashing its electric vehicle (EV) strategy, scrapping long-planned investments and pulling back production in response to a steep drop in consumer demand.

Chinese EV maker XPENG (XPEV) has secured a strategic partnership with Malaysia's EP Manufacturing Berhad (EPMB) to launch localized production in Malacca, establishing its third global manufacturing base to serve the booming ASEAN market.