Ford is pushing forward with its electric vehicle plans despite industry headwinds, focusing on its new ‘Universal Electric Vehicle’ (UEV) platform. The UEV is expected to be critical in achieving profitability for Ford’s Model e EV unit by 2029, with the first product being a $30,000 midsize electric pickup truck.
LONG BEACH, Calif. — As the global automotive industry reassesses its all-electric vehicle strategies, Ford Motor continues to advance its next generation of EVs, a project CEO Jim Farley has described as potentially industry-defining.
Ford's commitment persists despite a significant slowdown in EV adoption, $19.5 billion in electric vehicle restructuring charges, the end of U.S. consumer EV incentives, and the recent departure of its head of EV and technology.
“Agility is key,” Ford's EV product leader, Alan Clarke, told CNBC during an interview at the company's new Electric Vehicle Development Center in Long Beach, California. “We've been able to pivot around all the different market conditions. … The EV industry has had massive headwinds, and so we've had to adjust.”
A Ford employee works inside a high voltage lab at Ford's new Electric Vehicle Development Center in Long Beach, California.
Courtesy Ford
Ford’s confidence stems from its “Universal Electric Vehicle,” or UEV platform, developed with a clean-sheet design. The UEV is crucial to transforming Ford's Model e EV unit from billions in annual losses to breakeven by 2029, with future EVs projected to be profitable within a year of launch.
The first product based on the UEV is a roughly $30,000 midsize electric pickup truck slated for the U.S. market next year, followed by a family of vehicles built on the platform. Clarke believes this truck will have no direct competitors in terms of price or features.
Clarke, the first employee of the formerly secretive “skunk works” team developing the UEV, was recently promoted to vice president of Advanced Development Projects. This followed the unexpected departure of Doug Field, Ford’s highly touted EV and technology head. Clarke praised Field’s contributions and expressed confidence in the team’s continued success.
Competition from Chinese automakers is a key driver of Ford’s UEV work. Farley has acknowledged the ingenuity of Chinese automakers while advocating for protection of the U.S. automotive industry.
Despite Field’s departure and challenges in the EV market, Ford continues to invest in the UEV platform. The company aims to achieve cost competitiveness with global EV leaders, including Tesla and Chinese manufacturers.
Ford expects the UEV to reduce parts count by 20% compared to a Mustang Mach-E, with fewer fasteners and faster assembly times. The company is also utilizing technologies like megacasting and a 48-volt electrical architecture to improve efficiency and lower costs.
Farley has likened the UEV’s potential to Ford’s historical Model T, calling the U.S.-produced project a $5 billion “bet” on American manufacturing.
The new Electric Vehicle Development Center in Long Beach, spanning 270,000 square feet, houses approximately 350 employees and serves as a hub for future EV development. Ford is also building a 150,000-square-foot testing and validation facility on the site.
