Ford’s CEO, Jim Farley, announced during an earnings call that a secret “skunkworks” team has been working on a low-cost EV platform for the past two years. The goal is to make EVs more affordable and to ensure Ford’s long-term success in the EV market.
Developing EVs has been challenging and costly for traditional automakers, such as Ford. The high upfront costs of current EV models are deterring prospective buyers. To address this, Ford has relied on a small, separate team to develop the low-cost EV platform. This approach sets Ford apart from Tesla and other electric vehicle innovators, allowing the company to reframe their manufacturing processes and narrow the gap with new EV players.
Sam Fiorani, Vice President of Global Forecasting at AutoForecast Solutions, commended Ford’s move, stating that legacy companies need more innovative approaches to compete effectively in the EV market. Developing EVs involves new technologies, supply chains, and manufacturing processes, leading Ford to take a startup-like approach to ensure efficiency and confidentiality.
Ford’s decision to adopt a small, secretive team mirrors Tesla’s strategy and aims to compete with upcoming, more affordable Tesla models. Ford hopes the new EV platform will revolutionize the company’s electric future, with multiple vehicles planned to be based on the flexible platform unveiled by the team.
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