Ford Motor Company (NYSE:F) has announced that it is developing a long-range electric vehicle that will challenge the long-range offerings that are already in the market.
The automotive manufacturing company claims that the vehicle will feature a longer EV range than the Tesla Model 3 from Tesla Motors Inc (NASDAQ:TSLA) or the Chevrolet Bolt EV. Ford also stated that it aims to make the appearance of the vehicle more attractive than the rivals in its class. Ford CEO Mark Fields noted that the company’s goal is to make a better product that will push it to the top position, and the firm will work on maintaining that lead with its future offerings in EV cars.
Range will be more than 200 miles
Not much has been revealed about the vehicle in terms of specs, but the announcement suggests that the company aims to achieve more than 200 miles on a full charge. The CEO also revealed that the company plans to launch about 13 hybrid and EV vehicles in the next five years.
Ford’s announcement could not have come at a better time considering EVs are now becoming more accepted than they have ever been. The environmental impact of combustion engines and strict regulatory controls has significantly contributed to the increase in acceptance and demand for electric vehicles. Mr. Fields’ announcement also points out the importance of performance and style to the demand for EVs.
Pricing is also an important consideration, but the project is in its early stages of development and pricing details are yet to be revealed. Researchers have speculated that the electric vehicle from Ford will be within the same pricing range as the Tesla Model 3 or the Bolt. Despite the increasing hype into EVs, it is important to note that fuel prices have also dropped. However, oil prices will continue to be volatile, and the environmental impact of combustion engines will still be a problem.