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Amidst intense price competition from all electric vehicle brands worldwide, especially from China, Ford has announced that they are researching to introduce a line of electric pickup trucks and small SUVs with a starting price of around $25,000.
Ford’s CEO, Jim Farley explained that if they can’t compete with Chinese automakers, 20% to 30% of revenue will be at risk.
For this reason, Ford has assembled a special team to execute this plan along with some of the world’s top electric vehicle engineers. The team is led by Alan Clarke, head of the engineering department of Tesla’s best-selling Model Y.
They are currently developing an affordable new electric vehicle platform to power the electric pickup trucks and small SUV models with a more competitive price.
The first model is expected to launch in 2026, with a starting price of around $25,000. It will compete with the affordable model that Tesla is developing.
This platform will initially use LFP batteries, which are about 30% cheaper than traditional lithium-ion batteries. However, they are also exploring other electric vehicle battery technologies.
Ford’s move comes as some automakers are wary of the production of affordable electric vehicles from China. After surpassing Tesla in the fourth quarter of 2023 to become the world’s largest electric vehicle manufacturer, BYD is increasing competition this year.
The Chinese automaker declared a “disruption” to gasoline-powered cars after launching a series of affordable electric vehicles. The latest Seagull version has a starting price of around $9,700 in China.
BYD currently has no plans to sell passenger electric vehicles in the US and is entering other markets such as Europe. BYD’s first cargo ship, carrying 3,000 vehicles, arrived in Germany last month, marking the plan to expand operations overseas.
Stellantis CEO Carlos Tavares told reporters last month, “The attack of Chinese automakers could be the biggest risk that companies like Tesla and we are facing right now.”
In Vietnam, Ford is a familiar car brand to Vietnamese consumers. By the end of 2023, the company sold more than 38,800 vehicles, accounting for 10% of market share among VAMA members.
Among them, Ford leads the pickup truck segment with the Ford Ranger (accounting for 76%), the mid-size SUV segment with the Everest (65% market share), and the light commercial vehicle segment with the Ford Transit (62% market share). The Ford Ranger is the best-selling model with 16,085 units sold, accounting for 42% of total sales.
According to Electrek
