- On a recent earnings call, Ford’s CEO said the company has a “breakthrough electric vehicle” coming next month
Many automakers are pulling back from electric vehicle (EV) projects, but Ford has plans for a new EV and a new EV platform that company executives are casting as a vital piece of the company’s future.
In a call to discuss second-quarter earnings, Ford CEO Jim Farley told reporters, “August 11, that will be a big day for all of us at Ford. We will be in Kentucky to share more about our plans to design and build a breakthrough electric vehicle and a platform in the U.S.”
Farley called the planned EV a “Model T moment for us at Ford,” referencing the car that built the American automotive industry. The Ford Model T, sold from 1908 until 1927, was the first widely produced affordable car. It made car travel affordable to the middle class and justified much of modern road infrastructure.
Secret Low-Cost EV Project, Chinese Inspiration
- Ford revealed a secret low-cost EV project last year
- CEO Jim Farley has urged engineers to study China’s low-cost EVs
That’s a tall order for an EV in 2025. But a few hints suggest Ford might have the capacity for something new.
The company launched an internal “skunkworks” team in 2022 to develop new low-cost EVs, but kept it secret until 2024.
Farley has frequently praised China’s high-quality, low-cost EVs, and talks often of his unique daily driver – a Xiaomi SU7 sedan imported under a special research permit. Farley drives the car to spur Ford engineers to study and match China’s EV prowess.
What It Might Be
- No one outside Ford knows what the company has planned for Aug. 11
- Our best guess says a compact SUV riding on a new platform with a lower-cost battery is coming
Ford’s current EVs include a midsize SUV (the Mustang Mach-E), a full-size pickup (the F-150 Lightning), and a commercial van (the E-Transit).
But a modern Model T is more likely to be a compact SUV. Americans buy more small SUVs than any other kind of vehicle.
Ford could be overselling a simple Chevrolet Equinox EV rival. But Farley’s mention of a new platform could mean something more significant.
EVs are built on so-called “skateboard platforms” – nearly-flat combinations of batteries, motors, suspension, and steering components that engineers can scale up or down to build different types of vehicles.
We suspect Ford may have a new skateboard in the works. Ford has two large new battery plants under construction, one of which produces lithium iron phosphate (LFP) batteries that could cost less than the lithium-ion cells common in today’s EVs.
Our best guess says Ford will show off a compact SUV riding on a new, LFP-powered platform to keep costs down. We’ll bring more on Aug. 11.
