Ford said Monday it expects to take roughly $19.5 billion in charges, largely tied to its electric-vehicle business, as the automaker pulls back from aggressive EV expansion amid weakening demand, The Wall Street Journal reports.

The write-down ranks among the largest corporate impairments on record and underscores growing skepticism across the U.S. auto industry about near-term profitability in fully electric vehicles. Ford has lost about $13 billion on its EV unit since 2023.

The company said it will refocus on gas-powered vehicles, hybrids, and extended-range EVs that use onboard gasoline engines, redirecting capital away from loss-making EV assets toward more profitable models.

“Instead of plowing billions into the future knowing these large EVs will never make money, we are pivoting,” CEO Jim Farley said, citing clearer signals from U.S. consumers.

Ford plans to discontinue the all-electric F-150 Lightning and replace it with an extended-range version. It remains committed to launching a $30,000 electric pickup by 2027, which Farley called the core of Ford’s long-term EV strategy.

By 2030, Ford expects about half of its global sales to come from hybrids, extended-range vehicles, and EVs. The company will also repurpose its Kentucky EV battery plant into a battery-storage business serving utilities, renewable-energy developers, and data centers, while hiring thousands of workers nationwide.