Ford is doubling down on cheap EVs with a big reveal planned for August 11 in Kentucky. CEO Jim Farley called it a “Model T moment” during Ford’s Q2 2025 earnings call.
The electric vehicle division took a $1.3 billion loss last quarter. Sales of the F-150 Lightning and Mustang Mach-E are slipping.
Farley first spilled on a stealth low-cost EV project back in February 2024. It’s led by ex-Tesla exec Alan Clarke. The team includes veterans from Tesla, Rivian, Apple, and Lucid. 
Ford hasn’t dropped many details yet. The first model on this new platform will be a mid-size pickup, hitting roads in 2027. It’ll serve retail and commercial buyers alike with “personalized digital experiences.”
Cheaper EVs could shake things up, but 2027 feels far off. The US currently has almost no mass-market EVs under $30K.
Tesla plans to launch a budget Model Y this year. GM is bringing back the Chevy Bolt next year. Jeff Bezos-backed Slate Auto is eyeing a low-cost electric pickup for late 2026.
Ford’s low-cost EV push starts with a bang, but the real test begins in two years.
Jim Farley said:
“a Model T moment” for Ford.
