Ford Motor Company will reveal on November 18 an all electric SUV inspired by its iconic Mustang, one of the world’s largest auto manufacturers said, as legacy carmakers try to grab shares of the growing electric vehicle market.
Ford released the first design sketch of the all electric SUV on Thursday and said that the global reveal will be livestreamed from Los Angeles on November 18.
The new vehicle, which Ford described as “game-changing”, has a targeted driving range of up to 600 kilometers, or more than 370 miles under Worldwide Harmonized Light Vehicle Test Procedure (WLTP) regulations.
Although Ford has not released many details for the upcoming Mustang-inspired electric SUV, Electrify America, which recently partnered with Ford for public charging networks, said last week that “Ford estimates that its all-new, all-electric Mustang-inspired SUV will be capable to charge up to 47 miles in 10 minutes using Electrify America DC fast chargers, providing peace of mind for customers to be able to charge in minutes, not hours.”
The Mustang-inspired SUV is expected to be a competitor for the Model Y that Tesla plans to begin producing next year. Ford is likely to target competition with Model Y on pricing, too, so it is expected that the Mustang-like electric SUV could sell for between $40,000 and more than $60,000, depending on the version and range, according to The Detroit Bureau.
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As early as in October 2017, Ford said that it would be targeting aggressive cost cuts, build connected vehicles, and reallocate capital to segments in which it can win in the future—and electric vehicles are a major part of that plan.
Ford is also collaborating with Germany’s Volkswagen and Argo AI to introduce autonomous vehicle technology in the U.S. and Europe, “positioning both companies to better serve customers while improving their competitiveness and cost and capital efficiencies,” as Volkswagen said in July announcing the collaboration.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.