HomeIndustriesFord Aims to Produce a Profitable $30,000 EV in Two and a...

Ford Aims to Produce a Profitable $30,000 EV in Two and a Half Years

Automotive giant Ford is planning to introduce a new electric vehicle that will cost $30,000 and will be profitable in the next “two and a half years,” according to the company’s CEO Jim Farley.

Farley made his announcement during an interview with CNBC while making an appearance at the Aspen Ideas Festival. He didn’t share further details about the model, but did offer his opinion on the need for more affordable and smaller EVs.

“You have to make a radical change as a [automaker] to get to a profitable EV. The first thing we have to do is really put all of our capital toward smaller, more affordable EVs,” Farley told CNBC. “That’s the duty cycle that we’ve now found that really matches. These big, huge, enormous EVs, they’re never going to make money.”

The upcoming affordable Ford EV is expected to rival the cheaper electric cars offered by Chinese EV makers as well as lower-priced models by Tesla.

Ford reported last month that its sales of all-electric and hybrid models surged by 65% compared to the same period in 2023. The report came after the company’s EV division recorded a $1.32 billion loss on 10,000 vehicles wholesaled in the first quarter.

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