It axed the F150 Lightning. They might have later announced that they're going to bring it back as an EREV (pretty much PHEV), but that seemed like a separate decision. If it were the same decision, they would have announced it at the time of the cancellation announcement, to make it seem more like a pivot.
The Lightning ended early because the aluminum plant fires were cutting Ford's ability to produce enough F150s of any kind. They make more money on the ICE trucks than the EVs, so the Lightning got the axe first.
> EREV (pretty much PHEV)
There is not much relationship between an EREV and a PHEV. An EREV is way, way closer to a BEV than it is to a hybrid. And I'll eat my hat if Ford actually releases an F150 EREV. That announcement was to mollify angry customers who thought Ford should not have killed the most popular EV truck on the market.
Frankly I'll be surprised if anyone seriously goes for EREVs. They make very little sense, which is why (AFAIK) it's only seen production once or twice in small numbers.
That’s actually old news they just announced the Ford Fathom, which is all electric and supposedly significantly cheaper than even the base model lightning.
The rest of the world doesn't drive F-series trucks.
I'm thinking of getting a Ford EV as my next car, prefer the features and looks to the equivalent Stellantis models.