Ford Motor Company was so upset with the sheer financial success of Tesla Inc. and the lack of its own electric vehicle capable of any competition that it established a new subdivision staffed by ex-Tesla employees to try and stay in the market, The Drive reports.
Alan Clarke, a former Tesla designed who had spent a decade in that company and played a crucial role in the launch of its Model 3 sedan, was elected as the CEO of the new company. His main goal now is to develop a vehicle that would repeat the market success of the Model 3.
Anil Paryani, Clarke’s co-worker for roughly five years, founded his own company called Auto Motive Power (AMP) when he left the automaker. It specialized in the development of EV power management systems. Ford acquired AMP last November.
The rest, including the possible premiere date, is unknown. Rumors suggest that the corporation plans to price it under $40,000 in the base spec, making low price the biggest selling point.
At this moment, the Ford Mustang Mach-E (pictured here) remains the company’s closest thing to an affordable EV. It starts from $44,800 before options.