As the global automotive industry retreats from all-electric vehicles after reporting billions of dollars in losses, Ford (F) continues to move forward with its next generation of EVs that CEO Jim Farley has described as industry-defining products, CNBC’s Michael Wayland writes. Ford’s continued confidence, albeit it at lower and slower capital rates than it previously projected, comes from its “Universal Electric Vehicle,” or UEV platform, which the company has developed from a clean-sheet design. Ford’s goal for the UEV is to be profitable and cost-competitive with global EV leaders from China and Tesla (TSLA), the author adds. The first planned product based on the UEV is a roughly $30,000 midsize pickup truck for the U.S. market next year, followed by a family of vehicles underpinned by the platform.
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