Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles.

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.

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.

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

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.

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.”