Ford Motor Co. canceled a 9.6 trillion won ($6.5 billion) battery agreement with LG Energy Solution Ltd. after the US automaker rolled back its electric vehicle ambitions.

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 Motor announced a $19.5 billion charge on electric-vehicle investments on Monday, the most visible sign to date of the auto industry’s pullback from a technology carmakers wholeheartedly embraced early this decade.

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.

After confirming plans to end production of the all-electric F-150 Lightning, Ford’s CEO said the $70,000 EV pickup didn’t

Ford is ending production of the F-150 Lightning truck and pivoting to focus on manufacturing hybrid vehicles and smaller electric vehicles.

The F-150 Lightning’s lack of range has been a big point of contention on social media. One good example is on the F-150 Lightning Forum page, entitled “Range Not Close to Advertised”, where Nater posted:

Ford's next-generation F-150 Lightning ditches a pure EV format in favor of a gasoline-backed extended-range electric truck that promises massive range and towing capability.

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 says the next generation of the F-150 Lightning pickup truck will transition to a range-extended EV powertrain.

Ford expects ~$19.5B in special items, mostly in Q4 2025, with the remainder across 2026–2027. Read more here.