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The Street
The Street
Rob Lenihan

Ford CEO Says New EVs Will Change Everything

Jim Farley says it's "going to have technology no one's ever seen." 

The Ford (F) CEO made his promise in a video posted by Yahoo Finance on March 27, in which he gave a few hints about the automaker's T3 EV truck,

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"It launches in about 30 months, so just over two years," he said. "We haven't shown anyone the truck yet because we don't want to give an advantage to our competition, but it is a 'Built Ford Tough', you know, a real work vehicle."

 "But it'll have technology no one's ever seen in any of these electric trucks," he added.

T3, which Ford said stands for "Trust the Truck," is the code name is for Ford's second-generation electric truck that will to be developed alongside a new assembly plant outside Memphis. 

This new $5.6 billion factory, called BlueOval City complex, will have capacity to produce 500,000 electric vehicles per year at full production. 

'Big Deal for Truck Customers'

BlueOval City, which will employ 6,000 people, is designed to be Ford's first campus devoted to carbon-neutral vehicle and battery manufacturing.

In. the video, Farley said the T3 will be "fully software updateable so every part we can ship software to the car over the air."

"Your trucks are going to get better every time you get in it and move every morning," he said. "In fact, we think we're going to be able to land a semi- autonomous system, so you'll be able to go to your sleep in your truck while you're traveling on the highway."

Farley said this kind of advantage "is a big deal for truck customers."

"A lot of them work," he said. "They use their vehicle as an office and to be able to do more work, get out more jobs inside their truck, while they're commuting to the work site, is fantastic." 

Farley has offered tidbits about the T3 before. On March 24, he tweeted "Our next electric truck: Project T3," along with an image of three lightning bolts. 

He also said it will be a truck that "people have never seen” during an event streamed live on the internet.

"The new truck built here was designed from the ground up to be incredibly efficient to manufacture, and when you see it, it won't look like a normal car," he added. "It's a marvel of simplification." 

'Breakthrough' Manufacturing Process

Farley also promised that the manufacturing process "will be equally breakthrough, with radical simplicity, cost efficiency and quality technology." 

"Project T3" is at the heart of Ford's ambition to sell about 2 million EVs by 2026.

Ford is already home to the F-150 Lightning, which the automaker said has become the best-selling electric truck in the U.S. since its launch last May. 

The F-150 has suffered some setbacks this year, including suspension of production last month when one of the vehicles caught fire at the automaker's Rouge Electric Vehicle Center

Production resumed on March 13, but just a few days earlier Ford said it was recalling 18 F-150 Lightnings due to a battery cell manufacturing defect, which the company said "had occurred over a four-week period starting at the end of last year."

The carmaker said that it is not aware of any reports of accident or injury related to the recall.

Then there's the Ford Mustang Mach E, the plug-in version of the iconic Mustang. 

The Mustang Mach E is an SUV positioned as the direct rival of Tesla's TSLA Model Y SUV. The Model Y was the bestselling electric vehicle in the world last year, according to data from various analysts. 

Ford’s electric bill has been pretty steep. The company recently released numbers showing that its electric vehicle unit lost $3 billion before taxes over the last two years.

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