December 16, 2025, 5:20 AM EST. Ford is canceling the all-electric F-150 Lightning and taking a $19.5 billion charge as it refashions its electrification strategy. The company is scrapping several large EVs, including the T3, and shifting toward hybrids and extended-range EVs with an onboard gasoline engine to extend range. Ford says the business case for large EVs eroded due to weaker demand, higher costs, and regulatory changes. The move follows years of losses in the EV unit, with about $13 billion reportedly sunk since 2023. The Lightning will continue but will be reworked, potentially with a gas generator to push range beyond 700 miles. Executives describe the pivot as reallocating capital to higher-return areas-trucks and vans, affordable EVs, energy storage, and other opportunities.