Ford said it will take about $19.5 billion in charges, mostly tied to its electric-vehicle business, as it pulls back from loss-making EV investments amid weak demand.

The automaker said it will shift capital toward hybrids and extended-range vehicles, stop producing the all-electric F-150 Lightning, and instead focus on models with higher profitability. Ford said it remains on track to launch a $30,000 electric pickup by 2027 and expects about half of its global vehicle volume to be hybrids, extended-range vehicles, or EVs by 2030.