Ford’s next F-150 Lightning will have a gas generator as it moves away from larger EVs.

Ford is developing an all-electric F-150 Lightning as part of the company’s electric vehicle lineup, the company announced Monday. Instead, Ford will sell what’s known as a “long-range electric vehicle”, which adds a fuel-charged generator that can recharge the battery to power the car for more than 700 miles.

The company did not share when the new F-150 Lightning will go on sale, or how much it will cost.

The Pivot will come with a premium Ford price tag. The company will take $19.5 billion to restructure its EV business model. Most of these payments, including the $8.5 billion write-down on its EV investment, will be recorded in the fourth quarter. Ford said a total of $5.5 billion must be paid through 2027.

The shakeup affects many industries and workers. It also means that Ford’s next-generation electric car – dubbed the “T3” – is dead. T3 was it must be made of white paper, unlike the Lightning, which had electric car technology shoehorned into the design of a gas car. Ford confirmed to TechCrunch that it is also quitting plans for the next generation car. The current model, E-Transit, will continue.

“Ford no longer plans to produce select large electric vehicles where business has been damaged by lower-than-expected demand, higher costs and changes in management,” the company wrote in a statement.

The company plans to release a mid-size electric pickup truck in 2027, the company confirmed on Monday. The platform that powers the car — born out of a skunkworks program led by former Tesla executives Doug Field and Alan Clarke — will also underpin other future Ford vehicles. Ford said it is still on track to start producing low-cost lithium iron phosphate batteries in 2026. Those LFP batteries, which will be built at BlueOval Battery Park Michigan in Marshall and use patented technology from China’s CATL, will be used in the midsize car.

“Instead of spending billions on big EVs that now have no way to make a profit, we’re allocating that money to crossovers, mass transit cars and hybrids, long-range electric vehicles, low-cost EVs, and new opportunities like energy storage,” Ford President Andrew Frick said in a press call.

Ford to be revealed The 2021 F-150 Lightning, two years after it first announced the all-electric Mustang, the Mach-E. Ford laughed off the Lightning’s $40,000 price tag, which was supposed to be a prominent feature of the company’s $22 billion push into electric vehicles.

Like most electric cars, the F-150 Lightning struggled in the US market. Part of that was because the $40,000 price tag didn’t appeal to many buyers, as the drop was aimed primarily at fleet customers. Ford ended up selling it around 7,000 Lightning per quarter over the past two years, with a risk of about 11,000 in the fourth quarter of 2024.

EVs have faced quite a storm since the F-150 Lightning was first introduced. Tesla launched a price war against falling sales, which ate into thin (or ugly) margins. The re-election of Donald Trump, along with Republicans in control of Congress, has led to a reversal of many of the Biden-era policies that encourage the sale of electric vehicles.