Ford is set to reveal more information about its upcoming low-cost electric vehicles at an event in Kentucky on August 11. The company is making bold claims, with CEO Jim Farley calling the announcement a “Model T moment” for Ford.
Farley made these comments after Ford disclosed that its electric vehicle division lost approximately $1.3 billion in the second quarter of 2025. Sales of its top two EVs, the F-150 Lightning and the Mustang Mach-E, are declining, and the electric vehicle market faces increasing challenges under the second Trump administration.
Ford first revealed in February 2024 that it had a skunkworks team developing a low-cost electric vehicle. The effort is led by former Tesla executive Alan Clarke, and the team includes talent from companies like Tesla, Rivian, Apple, and Lucid Motors.
While Ford has been vague about specifics, it has confirmed that the first vehicle on this new low-cost platform will be a mid-size pickup truck set for release in 2027. The company plans to build multiple vehicle styles for both retail and commercial customers on this platform, featuring personalized digital experiences.
Cheaper models could benefit Ford, but 2027 is still far off. Currently, there are few mass-market electric vehicles in the U.S. priced at or below $30,000. However, by the time Ford’s new EVs arrive, the market may look very different. Tesla plans to release a stripped-down Model Y SUV later this year, and General Motors is bringing back the Chevy Bolt next year. Additionally, Jeff Bezos-backed startup Slate Auto aims to launch its own low-cost electric pickup as early as late 2026.