October 29, 2024 at 19:51
Ford CEO Jim Farley has said the company’s upcoming mid-size electric pickup is one of the “most exciting” game-changing products he’s ever seen.
The truck is slated to be launched in 2027 and will be the first model to ride on an all-new electric vehicle platform.
Farley criticized rival automakers for “very aggressive” EV leases that risk damaging their brands.
Ford F-150 Lightning sales more than doubled in the third quarter, but CEO Jim Farley appears more excited about the company’s upcoming mid-size electric pickup. Tentatively dubbed the Ranger EV, the model is slated to go into production in 2027 and be based on an all-new platform developed by a ‘skunkworks’ team focused on developing affordable, next-generation electric vehicles.
The automaker hasn’t said much about the truck, but it will be the first vehicle based on the new architecture. The company has also stated the pickup will “cater to customers who want more for their money – more range, more utility, (and) more usability.”
More: Flip-Flopping Ford Delays Electric Truck And Axes 3-Row EVs, Will Build Hybrids Instead
While that’s a lot of marketing malarkey, Farley recently talked about the truck during the company’s third quarter earnings call. He said, I’ve seen a lot of game-changing products but the mid-sized truck has “got to be one of the most exciting.”
The executive went on to describe it as an “incredible package” in a segment Ford knows extremely well. More interestingly, he said the model will match the “cost structure of any Chinese auto manufacturer building in Mexico in the future,” suggesting it will be both affordable and profitable.
Speaking of which, Farley said there’s a “global price war” fueled by “overcapacity, a flood of new EV nameplates, and massive compliance pressure.” The executive stated no automaker is immune from the challenges and they’re expecting “roughly 150 new EV nameplates to hit North America by the end of 2026.”
This has resulted in some automakers slashing prices and embracing a ‘race to the bottom’ mentality. Farley isn’t a fan as he said “very aggressive lease tactics” carry “huge residual risk” and can damage brands.
While Ford lowered prices for the 2025 Mustang Mach-E, the automaker was able to cut their costs by $5,000 per unit over the past 24 months. These efforts will help enable the automaker to save $1 billion on EVs this year and Farley said they’re going to stay “laser-focused on cost and getting leaner as a company.”
