Ford cuts F-150 Lightning production as CEO Jim Farley shifts strategic focus to hybrids and affordable EVs, taking massive $19.5 billion charge.

The Detroit auto giant said on Monday it would pull back from electric vehicles in a move that would cost the company nearly $20 billion.

On Monday, Ford announced that it was discontinuing production of the full-size EV pickup. "It didn't make sense to keep plowing billions into products that we knew wouldn't make money," said Ford President and CEO Jim Farley.

Ford Motor Co. announced a realignment of its long-term strategy, shifting investment toward hybrids, affordable EVs, expanded truck and van production and a new battery-storage business.

It's the most dramatic example yet of the auto industry's retreat from battery-powered models in response to the Trump administration's policies and weakening EV demand.

Several months ago, Ford CEO Jim Farley said ending the nearly two-decade-long EV tax credit would halve America’s electric-vehicle market. Now his company is facing its own reality check.

The end of the best-selling electric pickup truck is here: Ford is pulling the plug on the F-150 Lightning by the end of the year. It’s not dead dead, but the next version of the Lightning will be an extended range electric vehicle, known as an EREV. Ford is positioning it as the “next-generation.”

Ford announced a series of moves in its EV business, pivoting to a hybrid and extended-range EV strategy instead of full EVs, and will take a whopping $19.5 billion in charges related to the move.