Ford is cutting back on its electric car business.

Ford announced on Monday that, in order to adjust its business focus and reduce the scale of investment in pure electric vehicles, it is expected to incur special project expenses of approximately $19.5 billion and halt the production of the electric version of the F-150 pickup truck. This adjustment, led by CEO Farley, is the latest move in Ford's "Ford +" transformation plan and has undergone several iterations since its initial launch in 2021 as an expansion strategy for electric vehicles.