Ford Motor Company CEO Jim Farley just announced a $5 billion investment in an all-new "universal" EV platform and a high-tech, streamlined assembly and battery manufacturing process that will guarantee nearly 4,000 jobs across two of the company's manufacturing campuses.
According to Ford, the new platform will lower parts complexity, manufacturing costs, and provide a flexible ecosystem to deliver a range of affordable, electric, software-defined vehicles.
The first vehicle to be brought to market will be a four-door EV pickup truck. Farley promised that it will have more passenger room than the latest Toyota RAV4, and it will also have a generous frunk as well as a lockable truck bed.
"You can lock your surfboards or other gear in that bed — no roof rack or trailer hitch racks required," Farley said in the announcement.
The new truck, which Ford says will be priced around $30,000, will also have a low center of gravity thanks to the battery placement in the floor. The still-unnamed vehicle will offer instant torque from its electric motors, and the company's self-described "obsessive" chassis engineering will give it a targeted 0-60 time as fast as a Mustang EcoBoost, with even more downforce.
Under the skin, the platform promises to reduce the number of parts needed by 20% compared to a traditional vehicle, with 25% fewer fasteners, 40% fewer workstations dock-to-dock in the manufacturing plant, and a 15% faster assembly time.
The efficiency-based innovations have some observers drawing comparisons to Ford's original assembly line system, with the automaker calling it a "Model T moment."
Ford also promises a lower overall cost of ownership over five years than that of a three-year-old used Tesla Model Y.
Farley pointed to other innovations, including a wiring harness that will be more than 4,000 feet (1.3 kilometers) shorter and 22 pounds lighter than the one used in Ford's first-gen electric SUV.
The prismatic batteries — lithium iron phosphate (LFP) — will provide cost, space, and weight savings. The cobalt-free and nickel-free LFP battery pack acts as a structural sub-assembly that also serves as the vehicle's floor. This low center of gravity improves handling, creates a quiet cabin, and frees up a surprising amount of interior space.
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The company will release more information and details in the coming months, with the goal of having the all-new EV truck on sale in 2027.
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