Ford will unveil a next-gen electric vehicle on August 11 — planning a 'Model T Moment'
"We will be in Kentucky to share more about our plans to design and build a breakthrough electric vehicle and a platform in the U.S," Farley said on the call.
Despite taking nearly a $1 billion dollar hit thanks to tariffs, Farley said that the company's "skunkworks" team, under the direction of form Tesla engineer Alan Clarke, has been developing a more affordable EV for more than a decade.
"This is a Model T moment for us at Ford, a chance to bring a new family of vehicles to the world that offer incredible technology, efficiency, space, and features,' Farley said.
The original Model T is one of the early vehicles that pioneered mass-produced, affordable cars in the United States, putting the country on the path toward car culture.
Previous reports from last year, indicated that Ford's skunkworks team was developing an electric platform that would undergird multiple vehicles including a compact SUV, small pickup truck and a delivery vehicle of some kind.
The announcement comes at fraught time for electric vehicles in the United States.
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Tesla, the most well known electric vehicle manufacturer in the US, revealed its largest revenue drop in years, though that may largely be due to its CEO's largely unpopular political moves as the head of the Trump administration's Department of Government Efficiency program. Tesla did announce a number of deals to reverse slumping sales, and plans for a cheaper Model Y.
As mentioned, tariffs on everything from steel to cheap online retailers has hurt manufacturers like Ford, and President Donald Trump has been especially antagonistic toward electric vehicles. The recently passed "Big Beautiful Bill" nixes the $7,500 tax credit for EVs. The administration is also considering zeroing out fines for vehicles that exceed fuel efficiency standards.
Despite massive 27.5% tariffs against Chinese EV makes like Geely and BYD, Farley said that Ford is working to compete with those companies. Chinese EVs have made inroads in its own country and elsewhere thanks to more affordable options from a variety of companies.
"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 reengineer and transform our engineering supply chain and manufacturing process,' Farley said in the call.
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