When Ford’s next big vehicle will be unveiled is still unknown, but the automaker says it plans to offer a “premium vehicle” that will offer the luxury of a luxury car for less than the $50,000 that the average American family spends on a vehicle.
And the new vehicle, Ford Motor Company CEO Mark Fields says, will be “very attractive” to buyers who want the best of both worlds.
“We want to provide consumers with a car that is a lot of things, but we don’t want to sell it to them at a price that’s out of reach for many families,” Fields said in an interview.
“If you’re in the middle class, that’s where the value is.”
Fields says Ford is working with luxury automakers such as Mercedes-Benz and Porsche to develop a vehicle that will have a lower price tag than the Cadillac Escalade.
That vehicle, he says, should have the “best of both” — the luxury features that make a vehicle “luxury,” such as luxury materials, and the comfort of a sedan for more than two hours of driving.
Ford’s “premier vehicle” will have “much better fuel economy, higher payload, lower CO2 emissions,” Fields says.
Fields is referring to the company’s new “Exotic” luxury sedan, which is expected to cost about $75,000 and have a maximum cargo capacity of 2,500 pounds.
Fields says the company will introduce a new SUV with the same “luxurious” features as the “Exo,” and that it will also offer a hybrid version that will “have more options.”
The Cadillac Escape, a sedan with a base price of $75.8 million and an expected starting price of about $55,000, will likely be available in 2019.
Ford also says it has developed a new crossover, the “Crossover,” that will be based on the Exo, but that it has not yet unveiled a specific price tag for it.
The company has also been working on a new “V6” vehicle that it says will be more fuel-efficient than the “V8” SUV, but which will likely only be offered in a limited amount of configurations.
“V” means “viable,” and “6” is a six-cylinder engine.
In a press release, Ford said that the new vehicles are part of the company “continuing to expand our offerings to meet the ever-changing needs of the automotive consumer.”
“This is our best-ever vehicle portfolio,” Fields adds.
“It’s a big investment for us.”
Fields also said Ford plans to introduce a hybrid car that will come with a variety of options including a gasoline engine, a diesel engine, and a hybrid that will both have a gasoline and diesel engine.
He says Ford will also launch a “hybrid version” of the SUV that will only have a diesel.
The automaker’s announcement comes on the heels of a report that revealed that the company has sold 1.3 million vehicles worldwide since its IPO in January 2017, making it the second-biggest automaker in the world.
Ford sold nearly a million vehicles last year.
It has been working to cut its sales as it grapples with a massive debt burden and the growing cost of gasoline and other vehicles.