Ford F-150 Lightning sales more than doubled in the third quarter, but CEO Jim Farley appears more excited about the company’s upcoming mid-size electric pickup. Tentatively dubbed the Ranger EV, the model is slated to go into production in 2027 and be based on an all-new platform developed by a ‘skunkworks’ team focused on developing affordable, next-generation electric vehicles. The automaker hasn’t said much about the truck, but it will be the first vehicle based on the new architecture. The company has also stated the pickup will “cater to customers who want more for their money – more range, more utility, [and] more usability.”
While that’s a lot of marketing malarkey,
Farley recently talked about the truck during the company’s third quarter
earnings call. He said, I’ve seen a lot of game-changing products but the
mid-sized truck has “got to be one of the most exciting.” The executive went on
to describe it as an “incredible package” in a segment Ford knows extremely
well. More interestingly, he said the model will match the “cost structure of
any Chinese auto manufacturer building in Mexico in the future,” suggesting it
will be both affordable and profitable.
Speaking of which, Farley said there’s a
“global price war” fueled by “overcapacity, a flood of new EV nameplates, and
massive compliance pressure.” The executive stated no automaker is immune from
the challenges and they’re expecting “roughly 150 new EV nameplates to hit
North America by the end of 2026.” This has resulted in some automakers
slashing prices and embracing a ‘race to the bottom’ mentality. Farley isn’t a
fan as he said “very aggressive lease tactics” carry “huge residual risk” and
can damage brands.
While Ford lowered prices for the 2025
Mustang Mach-E, the automaker was able to cut their costs by US$ 5,000 per unit
over the past 24 months. These efforts will help enable the automaker to save US$ 1 billion on EVs this year and Farley said they’re going to stay
“laser-focused on cost and getting leaner as a company.”
