Ford Says $30,000 Electric Cars Are “Right Around the Corner”

The Price is Right

With EV demand slowly stabilizing, it’s now clear to manufacturers exactly what customers and prospective buyers are looking for. Apart from better range and more durable batteries, price is quickly becoming a major factor.

Taking that into account, multiple manufacturers have been developing and launching a slew of more mass-market appealing EVs. Ford is also set to introduce EVs at the price point of $30,000.

$30,000 EVs are Almost a Reality

Ford is already at 95% when it comes to sourcing, and vehicle testing is underway. In fact, the EV is “right around the corner,” according to Ford CEO Jim Farley, who went on to claim a forecast of 5% EV market penetration during the Blue Oval’s third-quarter earnings call.

There has also been a policy change in the U.S., where the $7,500 EV Tax credit has been removed. After the tax credit expired last October, EV sales slumped, but this hasn’t deterred Ford from their plans.

Ford Universal EV Platform

Continuing to expand the affordable EV segment is part of the automaker’s long-term growth plans, specifically to develop the Ford Universal EV platform. This platform aims to be the backbone of the affordable push through its low-cost, flexible nature.

To meet its deadline, Ford is planning to install new equipment at its Louisville Assembly Plant by the end of the year, where the new affordable EVs will be made. They are also set to start production of their own Lithium-Iron-Phosphate (LFP) battery cells in Michigan, a key development that will truly lower costs.

Ford’s affordable EV plan couldn’t come sooner, as the brand sold only 4,700 EVs in the US last October, a 25% drop compared to the same period last year. In fact, the brand even temporarily suspended production of the F-150 Lightning at the Rouge EV center to focus on ICE and Hybrid models.