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Ford Plans 5 New Models Under $40,000
Automaker Targets Budget Buyers With Mix of EVs and Gas Trucks Through 2029
Ford Motor Co. is planning to launch five new models priced under $40,000 by the end of the decade in a gambit to offer more affordable vehicles as the average cost of new cars topsin the U.S.
The rollout of lower-priced models will start with an electric, four-doorpickup truckthe automaker has coming in 2027 and continue with both gas-fueled and battery-powered vehicles, Sherry House, Ford’s chief financial officer, said Feb. 11 at a Wolfe Research conference. Ford currently offers two models under $40,000, theMaverickpickup truck and Bronco Sport SUV.
Ford’s move comes as the auto industry faces anthat isof the new car market or causing them to extend car loans toor more.
The average selling price of a new car in America hit a recordin December, according to researcher Cox Automotive. Ford, which sells an expensive mix of pickup trucks and sport utility vehicles, had an average selling price of $55,596 in December, according to automotive researcher Edmunds.com.
House said Ford will offer additional electric models under $40,000 built off the same mechanical platform as the pickup coming next year. The automaker also will field an affordablegasoline-powered pickup truckin the same price range that will be built at ain Stanton, Tenn., starting in 2029, she said.
“We also plan to expand our market coverage with more affordable trucks and SUVs,” Jim Farley, Ford’s CEO, told analysts on ǰ’scall Feb. 10. “And we’ll do it with a broad mix of powertrains, gas, different kinds of hybrids, and fully electric. Customers want choice.”
