DETROIT — Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles in lieu of investment in more efficient gasoline engines and hybrid EVs, the company said Monday.

The Detroit automaker, which has poured billions of dollars into electrification along with most of its industry peers, said it will no longer make the F-150 Lightning electric pickup truck, instead opting for an extended range version of the vehicle.

Ford will also introduce some manufacturing changes; its Tennessee Electric Vehicle Center — part of the BlueOval City campus and once the future of Ford’s EVs and batteries — is being renamed the Tennessee Truck Plant and will produce new affordable gas-powered trucks instead. Ford’s Ohio Assembly Plant will produce a new gas and hybrid van.

The company has lost $13 billion on EVs since 2023 and said it expects to take a $19.5 billion hit largely in the fourth quarter due to the EV business.

“This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” CEO Jim Farley said in a statement. “The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids and high-margin opportunities like our new battery energy storage business.”

Ford said it now expects half of its global volume will be hybrids, extended-range EVs — which also incorporate a gasoline-powered engine — and full EVs by 2030, up from 17% this year.

“Ford’s elimination of the electric F-150 Lightning is not much of a surprise after the truck failed to come close to filling the plant’s capacity. Ford’s choice to convert an existing gas-powered truck to accept the electric drivetrain helped reduce their upfront costs which, in hindsight, was the right move,” Sam Fiorani, vice president at AutoForecast Solutions, told The Associated Press.

“For months, the future of Blue Oval City has been in question and this announcement locks in the direction of this large plant,” Fiorani added. “Adding an affordable vehicle to the Ford lineup fills a glaring gap in the market.”

Several other automakers have made changes to their electrified product plans in recent years as consumer demand for EVs in the U.S. hasn’t quite met expectations.