Oakville, Ontario — Jim Farley, Ford CEO has stated he will not be releasing electric vehicles in the six-figure range. Instead, Ford EV’s will be as affordable as possible.
“We are not going after the $100,000-plus market. These are affordable vehicles,” Farley said in a statement.
He later noted, the Ford EVs he has in mind would be priced between $20,000 and $70,000 before options. However, he did not elaborate on his price range estimate, including government incentives. Unlike Tesla and GM, Ford has not exhausted it’s government incentives, so customers of vehicles such as the Mustang Mach-E will still be able to take advantage of the U.S. government’s $7,500 tax credit.
It appears that Ford’s F-150 Electric’s most expensive variant will start at around $70,000, which will allow it to compete with Tesla’s Cybertruck. The Ford F-150 Electric is being promoted as a “real” work truck.
Farley has set a very aggressive target since Tesla is still in the process of lowering its production costs to such a degree that it could release a $25,000 car, a vehicle that’s more affordable than the Model 3, the company’s current entry-level vehicle.
It is hard to speculate how Ford intends to come up with an EV in the $20,000 range. The company’s alliance with Volkswagen does give it access to the modular MEB platform, but even the ID.3 has not reached such a price yet. The Mustang Mach-E, Ford’s upcoming all-electric crossover, starts at about $43,995.
However, Farley noted Ford would not venture into six-digit territory, this does not mean the company would not produce premium vehicles. For example, Ford’s luxury Lincoln brand could still offer EVs priced at around the same range as the Hummer EV.
Lincoln executives pledged then they are committed to releasing an EV in the near future.
