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 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.

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.

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 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.

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.”