Ford’s much-hyped Model T moment arrived earlier today. The automaker held an announcement event to reveal its plans for a $5 billion investment in American manufacturing, which it said would bring thousands of jobs and create a new Universal EV platform. Ford also announced a new four-door electric pickup truck with a surprising starting price.
The new platform will be “a simple, efficient, flexible ecosystem to deliver a family of affordable, electric, software-defined vehicles.” Ford’s first vehicle on the new architecture will be a midsize electric pickup truck, which is scheduled to launch in 2027. Ford CEO Jim Farley said the platform reduces the number of parts by 20 percent and cuts the number of fasteners by 25 percent. He also said the new setup enables a 15-percent faster assembly time and noted that Ford is projecting lower five-year ownership costs than a comparable three-year-old Tesla Model Y.
Ford said the new truck would offer more passenger space than a new Toyota RAV4, which expands with the frunk and truck bed. It will also feature a locking storage area in the bed. The automaker will keep costs low by using lithium-iron phosphate batteries, which are less expensive than traditional battery chemistries.
The new manufacturing processes use large, single-piece aluminum unicastings, which replace dozens of smaller parts. It’s a method used by Tesla to cut costs, but it can complicate repairs if one of the larger components is damaged.
As part of the new effort, Ford plans to invest billions in new manufacturing facilities and retrofitting existing factories. It will spend almost $2 billion on its Louisville, KY factory to prepare it for the new truck, which will bring an additional 2,200 jobs to the area. The move will expand the plant by 52,000 square feet and is supported by an incentive from the Kentucky Economic Development Finance Authority.
[Images: Ford]
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