Electric F-150 cost of operations will be nearly half of gasoline truck, Ford says

Editor’s note: An earlier version of this story and the headline incorrectly described the savings Ford expects to from its F-150 EV. Executives now say the vehicle’s cost of operations will be nearly half that of the current gasoline model.

DETROIT — Ford Motor Co. executives say the upcoming battery-electric F-150 will be cheaper to operate and more powerful than the current gasoline-powered pickup, addressing two common concerns around electric vehicle ownership two years ahead of its debut.

While the company wouldn't provide specific figures, Kumar Galhotra, Ford's president of the Americas and International Markets Group, said the lifetime cost of operations, which excludes the purchase price, of the electric F-150 will be roughly half that of the current-generation vehicle. The lower estimate is based off zero gas and oil usage, low electric charging rates, lower maintenance costs and increased vehicle uptime, Ford said.

In addition, Galhotra said the F-150 EV, due to start production in mid-2022, will boast the fastest 0-to-60-mph time and produce the most torque and horsepower in the nameplate's history. In the absence of an engine, Galhotra also promised a "giant" front trunk, which would mark the first time the F-150 offers significant enclosed storage space.

The new details are part of Ford's effort to position the F-150 EV as a purpose-built work vehicle that can provide numerous benefits to fleet operators as well as traditional retail customers. The automaker has long been the leader in the lucrative full-size pickup market but will face increased competition from EV makers Tesla, Rivian, Nikola and others in the coming years.

"While other electric pickups are competing for lifestyle customers, the all-electric F-150 was designed and engineered for hardworking customers that need a truck to do a job," Galhotra told reporters ahead of an event announcing a standalone assembly facility for the vehicle.

Ford said Thursday that it plans to invest $700 million on a 500,000-square-foot building under construction at the historic Rouge complex in suburban Detroit that includes the Dearborn Truck Plant. The automaker agreed to the investment in its 2019 contract with the UAW. As part of the project, Ford will hire 300 workers to support battery assembly and production of the F-150 hybrid and EV.

Ford says the facility is scheduled to be completed next summer. Gary Johnson, Ford's chief manufacturing and labor affairs officer, said it would be the company's "most technologically advanced plant in the world."

Johnson declined to say what the site's annual production capacity would be. He said F-150 EVs would go through the same paint and body shops as the gas-powered models before moving to the new building.

Galhotra promised the F-150 EV would look "distinct" from the gas-powered model but did not provide specifics.

Ford has said for years that it planned to build electrified versions of the F-150 in Dearborn. Bloomberg last month reported Ford's plans to use a standalone facility within the Rouge.

As part of the Thursday announcement, Ford officially kicked off production of the redesigned 2021 F-150 and launched a new "Built for America" ad campaign touting the company's contributions to the country.

The TV spots highlight the fact that Ford employs more workers and builds more vehicles in the U.S. than any other automaker — facts it has been quick to point out amid calls by the Trump administration for more manufacturing investment within the country. The spots were produced by agency Wieden and Kennedy, which Ford first brought on for creative work in 2018 and used for its "Built Ford Proud" campaign.

The automaker also released new details from a Boston Consulting Group study it commissioned about the economic impact of its F-Series pickup line.

According to the study, the F-Series generated $42 billion in revenue in 2019, more than McDonald's, Coca-Cola, Nike and John Deere. That's 27 percent of Ford's total revenue last year.

The F-Series is the most popular vehicle line in 39 states and accounts for 6.6 percent — 16.6 million — of all vehicles currently on the road in the U.S.