Ford loses $1.28B in 2020, raises electric vehicle spending

DETROIT (AP) — Ford Motor Co. lost $1.28 billion last year as it dealt with a huge restructuring, a costly recall and a decline in the value of its pension fund. But the company said Thursday it was generating strong cash flow and will go all-in on electric vehicles. Ford said it would now spend at least $22 billion developing them through 2025, nearly double what it previously announced. Ford also lost $2.8 billion in the fourth quarter. Excluding one-time items it made 34 cents per share, according to FactSet. That beat Wall Street expectations of a 7-cent-per-share loss.