Ford Motor Company (F 0.58%) has cut back — or at least, postponed — many of its big electric vehicle (EV) plans. The company said in December that it was putting off plans for new battery factories and postponing or canceling several planned electric models.

But Ford didn’t cancel the program that was arguably at the heart of its EV transition plan: A new low-cost EV platform that will underpin a range of affordable new electric Fords, starting with a pickup truck next year.

Understandably, the changed plans still have some Ford investors confused. Here’s what you need to know.

Ford has a new low-cost EV platform — and a new electric truck coming in 2027

It’s called the “Universal EV Platform” and the idea is that it will underpin a range of future electric Fords that should start around $30,000. The platform has been designed from the ground up to be easy to produce (lowering costs) and to work with several different types of vehicles (increasing Ford’s economies of scale and lowering costs).

The first Universal EV will be a new midsize electric pickup truck, expected to debut sometime in 2027. The truck is said to have a sleek design that lowers its air resistance, helping it get good range with a smaller battery that will cost less. (Do you see the theme here?)

A pickup truck with 300 miles of range, starting around $30,000

Ford has promised that the truck will have two rows of seats and over 300 miles of range, at a starting price around $30,000. It’ll use lithium-iron phosphate (LFP) battery cells produced in Michigan. LFP batteries have less power density than the lithium-ion batteries typically used in fancier EVs, but they last a long time — and they cost less up front. (There’s that theme again.)

Speaking of cost, Ford is spending about $5 billion to launch this new platform. That’s roughly $3 billion for a new battery plant in Michigan and another $2 billion to rework a factory in Kentucky to make the new EVs.

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The first of a new line of affordable EVs, Ford says

We know that Ford expects to build several new EVs on its Universal EV Platform. Ford hasn’t yet said much about the EVs that will follow the pickup, probably because it’s waiting to see how the U.S. EV market evolves over the next few years.

By the way, this upcoming new pickup is not the next F-150 Lightning. Ford has made clear that the next F-150 Lightning will be a bigger, fancier electric truck with a gas engine that serves as an on-board generator (or “range extender,” in the industry lingo).

We also know that this new EV pickup won’t replace the Ranger or Maverick. It’s something new.

A final thought on Ford’s upcoming new electric truck

I’ve covered Ford for a long time. Some years ago, I told a group of investors that I had a hard-and-fast rule: Never bet against Ford on a pickup truck, because it’s a market Ford knows better than anyone.

I think that still holds. I expect this to be a very well–thought-out, aggressively priced product.

If it’s a success, it will set the tone for a range of affordable new EVs from Ford. We’ll find out next year.