In this article F Follow your favorite stocks CREATE FREE ACCOUNT An electric Ford truck is displayed during the Electrify Expo D.C. in Washington, D.
C., on July 23, 2023. Nathan Howard | Getty Images Ford Motor expects to introduce a $30,000 all-electric vehicle that will be profitable in roughly two and a half years, CEO Jim Farley said Friday during the Aspen Ideas Festival.
Farley did not release many other details about the vehicle, which is being developed by a Ford "skunkworks" team, but said its main competitors are expected to be Chinese automakers such as BYD and an anticipated entry-level car from U.S. EV leader Tesla .
Farley said Ford is first focusing on smaller EVs instead of larger all-electric trucks and SUVs, which have historically been gas-powered profit engines for the company, because such vehicles are "never going to make money." "You have to make a radical change as an [automaker] to get to a profitable EV. The first thing we have to do is really put all of our capital toward smaller, more affordable EVs," Farley said during an interview with CNBC's Julia Boorstin .
"That's the duty cycle that we've now found that really matches. These big, huge, enormous EVs, they're never going to make money. The battery is $50,000.
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The batteries will never be affordable." A Ford spokesman later clarified Farley was referring to large vehicles such as the company's Super Duty models or vehicles that require massive battery packs to achieve significant EV ranges o.
