Ford stuns with 'Model T moment' for its electric cars
The mid-size pickup truck is expected to hit dealerships in 2027 for around $30,000.
Ford said the unnamed truck will be built on an all new, American-made battery platform in Louisville, Kentucky.
It will be first time an EV, by any manufacturer, has been powered with mostly US-based materials. Normally, critical minerals are imported - often from China.
'There are no guarantees with this project,' CEO Jim Farley said. 'It is a bet, there is risk.'
The truck, built with lithium-iron phosphate batteries, is a complete departure from previous US-assembled EVs.
Ford said it made a huge investment to complete the project. The automaker spent $2 billion to rework the factory and plans to hire 2,200 full-time workers.
Ford's share price fell on the news, with Wall Street worried about the vast cost of such a commitment.
This is a breaking news story.
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