Ford Motor Company has unveiled a sweeping reset of its electrification and manufacturing strategy, redirecting capital toward higher-return businesses such as hybrids, trucks, commercial vehicles and battery energy storage, while booking $19.5 billion in writedowns tied to electric-vehicle assets and canceled programs.

The shift signals a more cautious stance on pure battery-electric vehicles as demand has grown more slowly than expected, costs have risen and regulatory conditions have become less predictable. Ford said it remains committed to electrification over the long term, but is recalibrating the pace and focus of its investments.

By 2030, the automaker expects roughly half of its global vehicle volume to come from hybrids, extended-range electric vehicles and fully electric models, up from about 17% today, according to the company.

At the core of the revised strategy is a narrower EV product plan centered on smaller, more affordable vehicles built on a new Universal EV Platform. At the same time, Ford plans to expand hybrid offerings across nearly its entire lineup by the end of the decade.

The first vehicle based on the new platform will be a midsize electric pickup, which Ford said is scheduled to enter production in 2027 at its Louisville Assembly Plant.