Months ago Farley said the EV market would shrink to 5% of the U.S. vehicle market.

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.

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 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. unveiled changes to its long-term strategy Monday, announcing a major redeployment of capital into new vehicle programs, hybrid technology and a rapidly expanding battery-storage business as the automaker adjusts to shifting consumer demand and market pressures.

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.”

Ford announced a series of moves in its EV business, pivoting to a hybrid and extended-range EV strategy instead of full EVs, and will take a whopping $19.5 billion in charges related to the move.