Ford CEO makes surprise announcement about $5 billion investment in new truck — and the sticker price is truly shocking
According to Ford, the new platform will lower parts complexity, manufacturing costs, and provide a flexible ecosystem to deliver a range of affordable, electric, software-defined vehicles.
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The first vehicle to be brought to market will be a four-door EV pickup truck. Farley promised that it will have more passenger room than the latest Toyota RAV4, and it will also have a generous frunk as well as a lockable truck bed.
"You can lock your surfboards or other gear in that bed — no roof rack or trailer hitch racks required," Farley said in the announcement.
The new truck, which Ford says will be priced around $30,000, will also have a low center of gravity thanks to the battery placement in the floor. The still-unnamed vehicle will offer instant torque from its electric motors, and the company's self-described "obsessive" chassis engineering will give it a targeted 0-60 time as fast as a Mustang EcoBoost, with even more downforce.
Under the skin, the platform promises to reduce the number of parts needed by 20% compared to a traditional vehicle, with 25% fewer fasteners, 40% fewer workstations dock-to-dock in the manufacturing plant, and a 15% faster assembly time.
The efficiency-based innovations have some observers drawing comparisons to Ford's original assembly line system, with the automaker calling it a "Model T moment."
Ford also promises a lower overall cost of ownership over five years than that of a three-year-old used Tesla Model Y.
Farley pointed to other innovations, including a wiring harness that will be more than 4,000 feet (1.3 kilometers) shorter and 22 pounds lighter than the one used in Ford's first-gen electric SUV.
The prismatic batteries — lithium iron phosphate (LFP) — will provide cost, space, and weight savings. The cobalt-free and nickel-free LFP battery pack acts as a structural sub-assembly that also serves as the vehicle's floor. This low center of gravity improves handling, creates a quiet cabin, and frees up a surprising amount of interior space.
The company will release more information and details in the coming months, with the goal of having the all-new EV truck on sale in 2027.
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