Ford said it plans to take on about $19.5 billion in one-time charges related to a restructuring as the automaker scales back some of its EV plans.

Ford Motor is keeping the F-150 Lightning, but changing its technology. It plans to add thousands of jobs and enter this new business.

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

Ford announced today it has cancelled the all-electric F-150 Lightning in favor of an extended-range EV. This shift, along with a new battery segment, is a major pivot.

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.

Ford Motor Co. intends to convert a Kentucky electric vehicle battery plant so it can produce cells for energy storage to power the electric grid, as the automaker seeks to repurpose EV manufacturing capacity as sales of battery-powered cars plunge in the US,

Ford says it is "following the customer" in discontinuing its large electric pickup, which was well-received but never profitable. Ford will keep the Lightning name alive as a plug-in hybrid.

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.

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.