Ford Motor Company (NYSE: F) has announced a significant shift in its electric vehicle (EV) strategy, postponing plans for new battery factories and a range of electric models. Despite these changes, Ford will proceed with the development of a new low-cost EV platform known as the “Universal EV Platform,” which will support a variety of vehicles, starting with a midsize electric pickup truck set to debut in 2027.
The upcoming electric pickup truck is expected to be priced around $30,000 and will offer over 300 miles of range. Ford plans to invest approximately $5 billion into this platform, including $3 billion for a new battery plant in Michigan and $2 billion to upgrade an existing factory in Kentucky. The truck will utilize lithium-iron phosphate (LFP) battery cells, known for their longevity and cost-effectiveness, albeit lower power density compared to traditional lithium-ion batteries.
