Ford announced plans to launch a new family of affordable electric vehicles (EVs) in 2027, including a midsize pickup truck with a starting price target of $30,000, as reported by Reuters. The automaker aims to compete with cost-efficient Chinese rivals like BYD, which have set new benchmarks for affordability in the EV market. The new midsize four-door pickup will be assembled at Ford's Louisville, Kentucky, plant, where the company is investing nearly $2 billion. This move will retain at least 2,200 jobs, according to a statement. Data from the IndexBox platform indicates that EV affordability remains a key driver of consumer demand, with Chinese models often priced between $10,000 and $25,000—far below the U.S. average of around $47,000. Ford CEO Jim Farley emphasized the need for sustainable profitability, acknowledging past struggles with affordable vehicle initiatives. \"We have all lived through far too many good college tries by Detroit automakers to make affordable vehicles that end up with idled plants, layoffs, and uncertainty,\" Farley said. The company's \"skunkworks\" team, led by former Tesla executive Alan Clarke, is developing these EVs separately from Ford's main operations. Despite scaling back some EV ambitions due to mounting losses—Ford's EV and software division lost up to $5.5 billion last year—the automaker remains committed to cost-cutting. Farley expects the new EV lineup to turn profitable within a year, leveraging lithium-iron-phosphate (LFP) batteries from Chinese manufacturer CATL to reduce prices. Meanwhile, EV startups like Slate, backed by Jeff Bezos, and legacy automakers such as Tesla, Rivian, and Lucid are also racing to introduce cheaper models. However, Ford faces challenges, including declining EV sales (down 12% in H1 2024) and rising hybrid demand (up 27%). The company has delayed production of its next-gen F-150 Lightning and E-Transit to 2028. Farley highlighted the importance of strategic focus, stating that the U.S. EV market favors \"small vehicles used for commuting.\" In contrast, General Motors has electrified its entire lineup, from the Hummer to the Equinox SUV. Ford's approach prioritizes adapting existing gas-powered models for electrification, delaying a unified EV platform. Source: IndexBox Market Intelligence Platform

Ford to launch $30,000 midsize electric pickup in 2027

Ford announced plans to launch a midsize electric pickup truck with a starting price of $30,000 in 2027, aiming to compete with affordable Chinese EVs like BYD. The vehicle will be assembled at Ford's Louisville, Kentucky plant, which is receiving nearly $2 billion in investment to retain at least 2,200 jobs. The company is leveraging lithium-iron-phosphate (LFP) batteries from CATL to reduce costs and expects the new EV lineup to become profitable within a year. Despite past losses in its EV and software division—up to $5.5 billion in the previous year—Ford remains committed to affordable EVs, with its 'skunkworks' team led by Alan Clarke developing the vehicles independently. The automaker has delayed production of the next-gen F-150 Lightning and E-Transit to 2028, citing declining EV sales (down 12% in H1 2024) and rising hybrid demand (up 27%). Ford's strategy focuses on electrifying existing gas models rather than building a unified EV platform, contrasting with General Motors' full electrification of its lineup.