Ford is adopting a new manufacturing process in Louisville it says will serve as a platform for a yet-to-be-unveiled electric midsize pickup truck — spacious, with a front trunk, and the ability to power a home for up to six days.
But the keyword of the day during the announcement Monday was "affordable."
Ford CEO Jim Farley said the company wants to "create an affordable vehicle that delights customers in every way that matters, design and innovation, flexibility, interior space, driving pleasure, and lower cost of ownership, but we need to do it and be sustainable and make money."
Gov. Andy Beshear was also on hand to cheer on the ambitious project, saying it will add 2,200 jobs for Kentuckians and make for a "Model T' moment.
"It's going to transform the Louisville assembly plant to create the future of auto manufacturing with Ford's universal electric vehicle platform," he said. "This cutting age platform will be the foundation for the next generation of vehicles."
But Farley acknowledged in his presentation that the new platform is a risk, and analysts agree.
Investors have expressed skepticism that Ford can manage a profitable EV business in a market where Tesla's car numbers are struggling and Chinese EV tech is making its way to U.S. shores.
The decision by Ford also comes after the passage of the signature Trump tax and spending bill, which will rip away federal EV incentives.
"We could have followed and packed up our bags and moved this kind of project to South Korea or Japan or somewhere else for lower cost labor, currency advantages, low cost suppliers, but that is not the way we do things at Ford," Farley said. "We took on the challenge many others have stopped doing. We're taking the fight to our competition, including the Chinese, with teams across the United States."