Don't be to sure. History does not repeat but it often rhymes.
Look at the 80s, the Japanese imports (small cars) were eating Ford and GMs lunch. GM invested while Ford for the most part cut cut cut and cut some more. Chrysler also when the cut cut route (but they really did not have any choice other bankruptcy).
GMs technological investments and what not buying EDS never really made them able to beat the imports on cost. Ultimately some protectionist policy came along to save them as did shrinking of wage cost disparities between the US and Japan. Ford mind you benefited from those things too, and without having to set giant piles of money on fire. Then we get to the 90s, Ford has a hit Taurus, Explorer and 150 series pickups is able to start modernizing manufacturer processes again, this time with the all the expensive lessons learn at GM and technological improvements. That left the them the one of member of the big three was able to weather 2008 without tax payer help...
I think it is actually still early in the EV game. Most of America still does not have the charging infrastructure, at least to truly making operating as friction-less as sliding thru the filling station once a week and being in and out in 10min.
You still have majority of car owners who have never owned and EV, you likely even still have a market where the majority of new car buys are at most equally likely to pick an EV for their next purchase.
Not setting yourself up to be supporting a huge body of legacy vehicles with Gen2-3 EV drive trains and battery tech, might prove very smart.
Ford has a lot of existing brand loyalty that will most likely still be there in say 2035.
I really do think the future of most autos is probably electric. At least as far as the American market goes however I think the likes of Ford could very well do themselves some big favors pulling back now, as long as they keep the engineers doing the R&D and plant management people clear about the future, and have them prepared to go all-in again sometime around 2033-5, my guess is they get a lot more bang for their manufacturing investment and marketing dollar alike at that time. There will still be enough first-time-ev market to get a strong foothold and then they can start to take share from competitors with older inferior platforms, and less ideal cost structures.