Ford is cutting production of the F-150 Lightning electric pickup as it predicts slower growth in electric vehicle sales this year.

"Ford expects continued growth in global EV sales in 2024, albeit at a slower-than-expected pace," the Michigan automaker said in a statement today, saying it wants to align production of the vehicle with customer demand.

Jim Farley, the company's chief executive officer, said, "We see a bright future in electric vehicles for specific consumers. But the group wants to give consumers choice. We have the capacity to scale production of gas-powered and hybrid F-150 pickups based on customer demand."

In November, Ford announced plans to reduce investment in its Michigan EV battery plant.