TechCrunch indicates that this team includes engineers from Auto Motive Power, an expert EV energy management firm acquired by Ford in November 2023. Situated in Irvine, California—not Dearborn—the team is spearheaded by AMP founder, Anil Paryani, a significant member of Clarke’s group. Interestingly, Paryani and Clarke coincidentally worked at Tesla together for approximately five years.
Currently, Ford’s most economical EV is the base Mustang Mach-E Select, starting at $44,795 before any rebates. The objective is to introduce a battery-powered vehicle at a notably lower price point to directly compete with Tesla. For comparison, Tesla’s RWD Model 3 starts at $40,380.
“Our entire EV teams are laser-focused on cost efficiency in our EV offerings, as our main competition will be the budget-friendly Tesla and Chinese automakers,” stated Farley.
via Ford
Simultaneously, Ford is significantly reducing F-150 Lightning production. The electric pickup truck initially had a price of $41,669—lower than the current price of the Mustang Mach-E—although pricing fluctuations occurred due to supply chain issues and production delays. While the base F-150 Lightning Pro once peaked at $61,869, it has now stabilized at $54,995. Demand has decreased since the truck’s initial release, prompting Ford to adjust manufacturing volumes.
Ford is reliant on its electric division, known as “Model e,” to bolster profits following a $526 million loss in the fourth quarter, compared to $1.3 billion in earnings during the same period in 2022. The company attributes this loss not to EVs but to restructuring overseas operations and employee pension plans. Notably, the Model e segment generated $1.6 billion in revenue in Q4.
For Ford, a truly mainstream EV could propel their financials to new heights in an ideal scenario.
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