- Ford CEO Jim Farley has announced that Ford will release an electric vehicle around the $30,000 mark in two and a half years time.
- This new model would be the cheapest electric car from the brand yet, undercutting the Mustang Mach-E, which currently starts at $39,995.
- The new car is set to rival cheaper EVs from firms such as BYD, as well as future budget offerings from Tesla.
Ford set to join the lower-cost EV market
The move was revealed by Ford CEO Jim Farley, during a panel session at the Aspen Ideas Festival. The news also comes weeks after Ford announced record electric car sales in the US. Little information was hinted on this new model, though Farley did note that the company was looking to make smaller EVs for increased profitability. This suggests that the $30k EV in question will be a worldwide release model, much like the Tesla and BYD models it is set to compete with. He also noted that it is crucial for the manufacturer to make its EVs profitable before the turn of the decade, with rivals already managing to turn profits on each EV sold – Stellantis being one of them.
Cheaper Ford EVs have already been announced before, but only in the realm of Europe-bound vehicles. The Volkswagen MEB platformed Ford Explorer is hitting European showrooms over the coming months, while the Capri name is also set to return as a small electric crossover.
