Trucks are not cheap. EVs are not cheap. Electric trucks are especially not cheap. The most affordable EV pickup on the market is the Ford F-150 Lightning, with the bare-bones, short-range Pro model starting at just under $55,000. But Ford may be about to build a vehicle that could be a holy grail for the masses: a cheap electric pickup.
Bloomberg reports that Ford is pivoting to smaller EVs. Per the report, the brand will delay projects like the electric three-row SUV and focus on a new EV platform that will spawn three related vehicles: a compact SUV, a pickup truck, and a ride-hailing-oriented vehicle.
Ford’s new electric truck would be seriously cheap
Per Bloomberg, Ford’s target for vehicles on this platform is a base price of $25,000. For perspective, that’s about $15,000 cheaper than the starting MSRP for the Ford Mustang Mach E. That’s also roughly the same starting MSRP of the base Ford Maverick XL fitted with the hybrid engine.
Ford is going to bring down EV production costs a lot
According to Bloomberg, Ford isn’t going to burn through billions like the current EV division to bring the affordable EVs to market. The aim is for the cars to be profitable in the first year. Analysts expect battery prices to continue falling to the point that EVs may reach production cost parity with combustion vehicles before the decade’s end.
Ford is expected to use lithium iron phosphate batteries that are about 30 percent cheaper to produce than lithium-ion ones. The vehicles could incorporate even cheaper battery technology as it develops.
