Ford Motor Company is pressing ahead with plans for a low-cost electric pickup truck, even after suffering a staggering $20bn financial setback linked to its electric vehicle ambitions.
The American automaker says the new EV pickup, expected to cost about $30,000 (£22,000) — is still on track for launch next year. The decision signals Ford’s belief that affordable electric vehicles, not luxury models, may ultimately drive mass adoption in the United States.
The move comes at a difficult time for the company. Ford recently paused production of the Ford F-150 Lightning and shut down an EV battery factory project in Kentucky as part of a wider rethink of its electric strategy.
Yet despite those cuts, one project survived. Inside Ford’s Electric Vehicle Development Center in Long Beach, California, engineers are quietly building what could become one of the most important vehicles in the company’s modern history.
Journalists who recently viewed the prototype described a smaller four-door pickup designed to appeal to everyday drivers rather than premium EV buyers. Reports suggest the truck will use a lithium iron phosphate (LFP) battery, a cheaper and longer-lasting alternative to the more expensive nickel manganese cobalt batteries used in many current EVs.
That choice could prove critical in keeping costs down.
Ford is reportedly targeting a driving range of around 300 miles on a single charge, placing the truck directly against affordable petrol-powered pickups already popular with American consumers.
Industry observers believe the vehicle may revive the historic Ford Ranchero nameplate after Ford filed a trademark application for “Ranchero” with the US Patent and Trademark Office last year.
The project is being led by former Tesla executive Alan Clarke, who now heads Ford’s advanced EV development team.
Clarke admitted morale inside the division was shaken after Ford scaled back several EV programmes last year. However, he said company leadership continued backing the affordable pickup while cutting more expensive projects.
“The fact that it still exists is a testament to the leadership of Ford,” Clarke told the New York Times. “They really believe it’s the future.”
That future may depend heavily on affordability.
Electric vehicle sales growth has slowed across parts of the US as higher borrowing costs and economic uncertainty make consumers more cautious. At the same time, rising fuel prices linked to ongoing tensions in the Middle East have renewed interest in cheaper-to-run vehicles.
Ford appears to believe that a practical, lower-priced pickup could attract drivers who have so far avoided EVs because of high costs.
The company is already testing prototypes and preparing a factory in Louisville, Kentucky, to manufacture the truck before it reaches dealerships next year.
If successful, the vehicle could become one of the first truly mass-market electric pickups in America — and potentially reshape Ford’s future in the EV race.
Read also: Ford Motor announces 4.3 million vehicle recall over software risk
