Ford Says Its New Midsize Pickup Will Aim For $30,000 Sticker
The truck will be built at Ford's Louisville, Kentucky, assembly plant, where the company is investing nearly $2 billion to prepare the facility. The investment will retain at least 2,200 jobs at the plant, which currently produces the Escape and Lincoln Corsair.
It's great news for autobuyers who've shaken their heads in recent years at the skyrocketing prices of new trucks.
CEO Jim Farley said the move is aimed at matching the cost efficiency of Chinese automakers such as BYD, which produce EVs for $10,000–$25,000 through highly streamlined supply chains and manufacturing systems. While those models aren't sold in the U.S., Farley called them 'the standard' Ford must meet. 'I can't tell you with 100% certainty that this will all go just right,' he told employees in Louisville, according to Reuters. 'It is a bet. There is risk.'
The pickup and other upcoming EVs are being developed by Ford's 'skunkworks' team in California, led by former Tesla executive Alan Clarke and staffed with talent from Tesla and Rivian. The group operates independently from the broader company, to the point where Farley himself couldn't initially access its building. Ford will use lithium-iron-phosphate (LFP) batteries made in Marshall, Michigan, with technology licensed from Chinese battery maker CATL, to help lower costs.
The U.S. EV market averaged prices of $47,000 in June, according to J.D. Power, with affordability cited as a top concern by shoppers. The competition to offer cheaper EVs is heating up, too. Amazon-backed startup Slate is aiming for the mid-$20,000s for its electric pickup, while Tesla, Rivian, and Lucid are preparing lower-cost models in the $40,000–$50,000 range.
Ford's shift to lower-cost EVs comes after scaling back earlier plans. The company canceled an electric three-row SUV, postponed its next-generation F-150 Lightning and E-Transit until 2028, and dumped a project to develop a more advanced electrical architecture.
Losses in the EV and software division could reach $5.5 billion this year, after nearly $10 billion in combined losses from 2023–2024. However, Farley expects the new EV lineup to turn a profit within its first year.
Currently, Ford sells three EVs in the U.S.—the Mustang Mach-E SUV, E-Transit van, and F-150 Lightning pickup—whose sales fell 12% in the first half of the year.
Meanwhile, hybrid sales climbed 27%. Federal incentives are also shrinking, with the $7,500 consumer tax credit being phased out, emissions rules loosened, and charging-infrastructure funding reduced.
Farley said Ford will focus on the segment where it sees the most opportunity: smaller, practical EVs for commuting and city driving. While General Motors built a dedicated EV platform for its lineup, Ford initially adapted gasoline-powered models to run on batteries, a move that allowed quicker launches but exposed the company to market volatility. Lessons from that experience, Farley said, will inform Ford's next phase of EV development.
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