Driving the news: Ford $F ( ▼ 2.26% ) CEO Jim Farley is promising a "Model T moment" as the company gears up to unveil plans for its next-gen electric vehicle on August 11 in Kentucky, saying it will be "a big day for all of us at Ford."
For context: The announcement came during Ford's second-quarter earnings call, where the company also reported an $800 million hit from Trump's tariffs.
Ford currently has just three EVs compared to GM's nearly dozen models, with Chevrolet now America's second-best-selling electric brand behind Tesla.
The company has been working on a secretive "skunkworks" project for affordable EVs, including a potential compact SUV and small pickup truck built in the U.S.
Why it matters: Ford's EV business has been struggling while rivals like GM have scaled up aggressively, and Chinese competitors are gaining ground globally. But an affordable, mass-market option could help the automaker recapture market share.
What we're watching: Whether Farley's big promises actually deliver something game-changing or if this turns out to be more hype than substance.
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