Ford on Monday said it is pulling back on its electric vehicle plans, a move that will result in a $19.5 billion charge against its earnings to be taken mostly in the current quarter.

Ford ( F 0.76%) is swerving away from larger EV production and will steer truck development toward gas and hybrid power, against a background of weak EV demand, rising costs, and regulatory changes. The current F-150 Lightning pick-up is canceled, replaced by a hybrid extended range electric vehicle (EREV) version.