The Blue Oval announced a major shift in brand strategy. Its future may be more hybrids, plug-in hybrids and EREVs than EVs.

Ford will take a $19.5bn (£14.5bn) hit as it tore up plans to invest significant sums into electric cars. The US car giant cut back electric vehicle (EV) production, including the production of large battery-powered pickup trucks, because of a slump in demand from drivers.

Much of that sum reflects expenses related to canceling fully electric models that had been years in the making.

Ford’s announcements today can’t be said to have come out of the blue. Rumors of the F-150’s demise have been circulating for more than a month, and last week SK On ended its joint venture with Ford that was building a pair of EV battery plants in Kentucky and Tennessee.

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.

Gov. Andy Beshear has long touted Ford's planned Kentucky EV battery plant. He blamed recent changes on Rep. Brett Guthrie and President Trump.

A surprise contract cancellation with LG Energy signals a major course correction in Ford's electric ambitions.