Ford Motor Company has announced it will suspend production of the F-150 Lightning electric pickup until 2025. Production at Ford's Rouge Electric Vehicle Plant will pause on November 15 and is scheduled to resume on January 6.

In a statement to CBS MoneyWatch, Ford stated, "We will continue to adjust production for the optimal balance of sales growth and profitability."

The automaker also mentioned it will temporarily lay off approximately 730 hourly workers, though not all employees will be affected for the entire duration of the production halt.