Ford Motor Company is gearing up to share more details about its long-anticipated low-cost electric vehicles during an event scheduled for August 11 in Kentucky. CEO Jim Farley is calling the moment a potential game-changer, describing the upcoming announcement as “a Model T moment” for the automaker a reference to the car that revolutionized transportation in the early 20th century.
The bold proclamation comes as Ford’s electric vehicle division faces mounting pressure. The company reported a $1.3 billion loss in its EV segment for the second quarter of 2025, amid declining sales of its flagship electric models, the F-150 Lightning and the Mustang Mach-E. The electric vehicle market as a whole is also facing increased headwinds under the policies of the second Trump administration.
Ford’s low-cost EV project, first disclosed in February 2024, has been operating under the radar. Leading the effort is former Tesla executive Alan Clarke, supported by a high-profile team reportedly drawn from Tesla, Rivian, Apple, and Lucid Motors. While Ford has been tight-lipped about technical specifics, it has confirmed that the first vehicle built on the new platform will be a mid-size electric pickup truck, expected to debut in 2027.
Related: General Motors Says Cheaper EVs Are Coming,Thanks to a New Battery Strategy
The automaker says the platform will eventually support multiple vehicle types for both retail and commercial markets, and promises personalized digital experiences in future models.
However, with a launch still two years away, competition is heating up in the affordable EV segment. Tesla plans to introduce a lower-cost version of its Model Y SUV later this year.
General Motors is preparing to reintroduce the Chevrolet Bolt in 2026, and Slate Auto, a startup backed by Jeff Bezos, aims to bring a budget-friendly electric pickup to market by late 2026. The question now is whether Ford can carve out a meaningful slice of the market by the time its EVs arrive.
