Ford plans to offer a new four-door, midsize $30,000 electric pickup truck two years from now. The new EV is to be built on a new, universal EV platform, which Ford says is expected to reduce parts by 20% and assembly time by 15%.

Ford is investing $5 billion to change the way it makes electric vehicles, a move the automaker says will allow it to manufacture models starting at $30,000 — far less than the current average price for an EV.

The American automaker announced a $5 billion investment into its EV plants, a new electric vehicle platform and an affordable electric truck arriving in 2027.