Ford has burned $19.5 billion on EVs and lost its top EV executive on April 15, but the company is still pouring billions into a new electric pickup it plans to launch next year. That mismatch between the bad headlines and the steady spending is what makes Ford's bet stand out.
The new platform is the company's answer to Tesla and a wave of cheap, fast-moving Chinese carmakers. Ford is calling the project a "moon shot."
Ford quietly built a small team in California a few years back to design a brand-new EV platform from scratch, which the company now calls the Universal Electric Vehicle, or UEV. The first product on the platform is a midsize pickup truck priced around $30,000.
It's set to launch next year from Ford's Louisville Assembly Plant in Kentucky, with a family of other vehicles planned to follow. CEO Jim Farley calls the project a $5 billion "bet" on America and has compared its importance to the Model T, the car that put America on wheels in 1908.
The plan is to make EVs that cost about the same to build as gas-powered models. Ford expects the new pickup to use a smaller, U.S.-made lithium iron phosphate battery and a 48-volt electrical system that cuts weight.
The big reason is China, where local carmakers have grown global share by nearly 70% over the past five years, according to GlobalData. They also push new vehicles from concept to production in roughly 20 months, which AlixPartners pegs at about half the speed of legacy automakers.
Ford's pitch with the UEV is fewer parts, smaller batteries, and faster assembly. The new EVs are designed to need 20% fewer parts than a Mustang Mach-E and roll off the line 15% quicker, with about 25% fewer fasteners.
Think of it like swapping a Lego car made of hundreds of small bricks for one made of a few big shaped pieces. Less to put together, less to go wrong.
Ford's EV unit is still bleeding cash, with the Model e division on track to lose $4 billion to $4.5 billion this year. That's a slight improvement from a $4.8 billion loss in 2025, but breakeven isn't penciled in until 2029.
The team's old leader, Doug Field, walked out on April 15, opening the door for Tesla veteran Alan Clarke to step up. Clarke was employee No. 1 of the original skunk works team and was just promoted to vice president of Advanced Development Projects to fill the seat.
The company is also building out a 270,000 square foot Electric Vehicle Development Center in Long Beach, California. About 350 employees from Tesla, aerospace, defense, and Ford are now working on next-generation products there.
Ford has called previous EVs "Model T moments" before, with mixed results. The all-electric F-150 Lightning is now being reworked as a hybrid after missing sales targets, while a planned three-row EV SUV got scrapped in 2024.
Ford stock rose about 2.1% on Monday despite the broader skepticism around EVs. The midsize pickup launch will be the first real test of whether Ford can finally deliver on the UEV promise.