Those $30,000 EVs are “right around the corner,” Ford’s CEO Jim Farley promises. Ford is now testing vehicles with sourcing 95% complete.
When will Ford’s $30,000 EVs be available?
Although Farley warned that EV adoption will only be about 5% of the US market in the near term, Ford sees an opportunity with more affordable electric cars.
Ford is “well-positioned” to navigate the recent US policy changes, including the loss of the $7,500 EV tax credit, Farley explained during the company’s third-quarter earnings call.
The cornerstone of its growth plans is the new Ford Universal EV Platform, a low-cost, flexible architecture that will unlock a new family of electric cars priced around $30,000. Despite scaling back EV plans, including cancelling its three-row electric SUV, Ford is doubling down on affordable EVs.
Farley confirmed during the call that EVs starting at around $30,000 are “not a distant plan,” adding that they are “right around the corner” at Ford.
The company is now testing vehicles, and sourcing is 95% complete. By the end of this year, Ford will begin installing equipment at its Louisville Assembly plant, where the new vehicles will be assembled. It’s also on track to start producing LFP battery cells in Michigan, which will be key to lowering costs.
Farley’s comments come as Ford’s EV sales plummeted in October following the expiration of the $7,500 federal tax credit.
Ford sold just over 4,700 electric vehicles in the US in October, 25% fewer than a year ago. Meanwhile, Ford halted production of the F-150 Lightning at its Rouge EV Center to focus on gas and hybrid models.
After reporting Q3 earnings last week, Ford said, “F-150 Lightning assembly at the Rouge Electric Vehicle Center will remain paused.” The move comes after a fire at a supplier plant in New York disrupted aluminum supply, which Ford relies on for its F-Series pickups.
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