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Event in Bangkok
Event in Bangkok

Ford’s $30,000 EV Is Chasing a Sales Milestone Only Tesla Has Reached

Ford Motor Co. (F, Financials) is raising the bar for its new Fathom electric vehicle, with reports suggesting a goal of more than 100,000 U.S. sales in its first year available.That’s a tough standard. No other carmaker has sold more than 100,000 of a single EV model in the U.S. in one year. Ford is betting that price can change that.Pricing for the Fathom is planned to start around $30,000, making it a candidate for buyers who may otherwise shop for a gasoline or hybrid vehicle. Ford executives have maintained the vehicle appeals to a far larger swath than the typical EV buyer.That might make Fathom even more crucial than a different model introduction. Ford has been striving for years to make its EV business work at scale, and a lower-cost truck provides it an opportunity to prove that volume doesn’t have to come with even larger losses.There is still a lot to prove. Ford’s U.S. sales were down 10.3% in August. Demand would have to be much higher than what most non-Tesla EVs have accomplished to get to 100,000 Fathom sales.The next test comes early next year, when Ford starts collecting orders and investors receive their first true sense of demand.