Ford to Unveil 'Model T Moment' EV Platform and New Electric Pickup on August 11, Targeting Cost Parity with Chinese Rivals
Key Insights
Ford will unveil a new, lower-cost electric vehicle platform and the 2028 T3 midsize electric pickup on August 11 in Kentucky, signaling a major strategic shift.
CEO Jim Farley described this as a "Model T moment," aiming to achieve cost competitiveness with Chinese EV manufacturers through a new architecture and lithium-ion phosphate batteries.
The new platform is expected to significantly reduce production costs, enabling Ford to save nearly $1.5 billion by purchasing fewer zero-emission vehicle compliance credits.
Ford's strategy focuses on high-volume, cost-efficient EVs like the T3, while streamlining its broader EV lineup to improve profitability despite current Model e division losses and tariff impacts.
Ford Motor Company is set to unveil its next-generation electric vehicle platform and a new midsize electric pickup truck, codenamed T3, on August 11 in Kentucky, a move CEO Jim Farley described as a "Model T moment" for the automaker. The highly anticipated reveal, expected to take place at Ford’s Louisville Assembly Plant, underscores the company's aggressive strategy to achieve cost competitiveness in the burgeoning global EV market.
The new EV architecture, developed over three years by a secretive "skunkworks" operation within Ford’s Model e business unit in California, aims to significantly reduce production costs. This initiative, led by former Tesla Engineering Director Alan Clarke, seeks to enable Ford to compete directly on price with leading Chinese EV brands such as Geely and BYD. A key component of this cost reduction strategy involves the utilization of lithium-ion phosphate batteries, which will be produced at Ford’s new plant in Marshall, Michigan.
The 2028 Ford T3 electric pickup is described as a "tweener" in size, positioned between the Maverick and Ranger models, signaling Ford’s intent to cater to a diverse range of commercial and personal utility needs. Farley emphasized that the all-electric market performs optimally for both small city commuter vehicles and larger commercial vehicles, suggesting the T3 could bridge these segments. This strategic focus on high-volume, cost-efficient vehicles is expected to allow Ford to significantly reduce its purchases of zero-emission vehicle compliance credits, potentially saving nearly $1.5 billion.
Beyond the T3, Ford’s EV pipeline is rumored to include a midsize EV crossover, a Lincoln Corsair EV, and a new e-Transit van within the next couple of years. The Mustang Mach-E is also slated for a major redesign on the new platform by the 2029 model year, which is also tipped to be the last for the F-150 Lightning. Ford's broader strategy involves streamlining its EV lineup by reducing the number of vehicle "top hats" (sheet metal designs over platforms) to enhance efficiency and profitability, diverging from competitors offering a myriad of model options.
Financially, Ford’s Model e division reported a $1.3 billion loss in the second quarter, following a $1.1 billion loss in Q2 2024. The company’s overall second-quarter EBIT stood at $2.1 billion on revenue of $50.2 billion. Farley highlighted that tariffs have imposed a "tariff bite" of $2 billion on Ford, impacting profitability. Despite these challenges, the company is doubling down on its core strengths: trucks, iconic products like the Mustang, and the new, cost-effective EV platform, aiming to avoid reliance on foreign production for lower-margin vehicles and to secure a robust position in the future of electric mobility.