Ford is making an announcement Monday that the automaker’s CEO is calling a “Model T Moment.”
Of course, there were automobiles before Ford launched the Model T more than a century ago. But the Model T, an inexpensive reliable car, changed the automotive industry.
This week, Ford is introducing a next generation electric vehicle that will be roughly half the price of EVs on the road today.
At the news conference, leaders with the Dearborn automaker will share plans to design and assemble electric vehicles in America.
On a July 30 conference call with analysts, Ford CEO Jim Farley said the new vehicles are intended to compete with Chinese EV makers, like Geely and BYD.
“We believe the only way to really compete effectively with the Chinese over the globe on EVs is to go and really push ourselves to radically re-engineer and transform our engineering supply chain and manufacturing process,” Farley told the analysts.
A key component are new Lithium-ion phosphate batteries to be produced in Marshall, Michigan.
It should also be noted this Model T Moment is being announced in Kentucky, not Michigan.
This week’s announcement comes as Ford is delaying other aspects of its EV product line.
The Automotive News reported last week that Ford is delaying production of next generation electric pickups and vans until 2028.
Recently, the Trump administration axed the $7,500 federal tax credit for EV purchases, which is expected to negatively affect sales of electric vehicles.
