$30,000 Ford EV coming soon, will be profitable around 2027

Ford is working on a $30,000 electric vehicle (EV) which will turn profitable in two and half years. The latest comment is coming from Ford CEO Jim Farley during the Aspen Ideas Festival without revealing any details or its design.

The model will be designed by Ford’s Skunkworks team with a new affordable platform. Earlier this year, Ford CEO made similar remarks on a low-cost EV and announced that the development is already in progress.

For many years Ford has been driving sales from fuel gas vehicles including its large trucks. Now, Its F-150 Lightning and Mustang Mach-E are making a big impact on the electric vehicle market.

Although Tesla still stands as the largest EV player in the US the Dearborn-based car firm is slowly finding its way to electrification. Still, mild EV demand is causing companies to delay their plans for innovation and investments in this segment.

That includes Ford, which has postponed production of a large three-row SUV at a plant in Canada to 2027 from 2025. It also backtracked on plans for a new pickup codenamed “T3” from late 2025 to 2026.

Currently, EVs are less profitable than fuel and hybrid vehicles. Therefore, some companies have opted for hybrids as a better option than jumping into a complete EV transition for the existing lineup.

Ford’s Chief explained that “radical” changes are required to make EVs profitable. He suggested that smaller and more affordable EVs are the way to achieve this milestone, which is crucial for EV makers.

He said that big EVs are not going to make money because of their cost of manufacturing and components including the battery. A company spokesperson told CNBC that Farley was referring to superduty models with huge battery packs.

On Friday, Ford’s CEO published long messages on social media and expressed his interest in EVs and to transition in this vehicle genre. Suggesting that the company could make more moves in the EV industry with new releases.