Ford to Add “Affordable” Model by 2022

Ford Motor Co. tells analysts it is developing an all-new “affordable” model it plans to introduce by 2022.

Jim Baumbick, vice president of enterprise product line management, says the unnamed vehicle was conceived and approved in three months under the company’s new product creation process. In the past, such a project would have taken years to get that far, according to the carmaker.

Ford declined to comment further on the new model. The company previously has said it will launch a compact pickup based on a unibody platform by about 2022.

Baumbick also confirms that a performance variant of the upcoming Mustang-inspired electric crossover is in the works. The carmaker expects to devote 91% of its capital allocation to SUV/crossovers and utility vehicles over the next four years, compared with 64% from 2016 to 2020, according to his presentation.

Ford previously said it would add nine new nameplates to its U.S. lineup, including seven pickups and utilities, by 2023. During the same period, the company plans to discontinue six current models, including most of its conventional cars. Product lifecycles are expected to be nearly halved from an average of 5.8 years in 2018 to just three years by 2023.