Ford chief executive Jim Farley declared his all-electric F-150 Lightning the “truck of the future” when it was unveiled in 2021. But this week the automaker’s flagship EV pick-up was consigned to the past as part of a spectacular $19.5bn writedown.

After its electric “Model e” division amassed more than $13bn in losses since 2023, the Michigan-based company’s tactical retreat was welcomed by Wall Street analysts and investors. Ford shares rose after Monday’s announcement, and are up almost 40 per cent this year as the company has pared back its EV ambitions.

“We expect the restructuring will help enhance the product portfolio, simplify operations and improve margins and free cash flow,” said Fitch Ratings analyst Eric Ause, noting that of the charges reported this week, “only about $5.5bn” would result in cash outflows.