Ford Motor Company is doubling down on electric vehicles. This week, the company announced that it will launch a new affordable EV, a four-door pickup. The new vehicle will have passenger space similar to a Toyota RAV4 and will feature both a truck bed and a front trunk (“frunk”). Ford will market the electric small-sized pickup truck at a starting price of $30,000. Ford says that the $30,000 model will not be a cut-rate vehicle.

Ford is gambling big with the launch of this new EV. The company has already lost billions of dollars manufacturing EVs. In 2024, Ford lost $5 billion in its EV operations. This year, anticipated losses will reach $5.5 billion. Moreover, Ford is being hit hard by the tariff policies of President Donald Trump. This year, Trump’s tariffs will hit Ford’s bottom line with a cost of $2 billion or more.