Ford To Launch All-Electric, Mustang-Inspired Crossover For 2020

Ford (F) has big plans for its 2020 vehicle launch. The automaker will be coming to market with a Mustang-inspired, all-electric crossover vehicle as well as bringing back the Bronco SUV model. This is in addition to the redesigned F-series and several updated SUV models.

Ford expects the new all-electric crossover to compete with Tesla’s Model X and pending Model Y crossovers as well as the growing number of crossover vehicle anticipated to debut soon, CNBC reported.

“This is an incredibly transitional period for us,” Kumar Galhotra, Ford president of North America, said Tuesday at the J.P. Morgan Auto Conference.

The electric crossover, according to Galhotra, will be “a very exciting, fast vehicle” that is “unmistakably Mustang,” CNBC reported. Ford launched the 2020 Mustang Shelby GT500 in mid-June.

The news of the all-electric crossover and Bronco additions in 2020, come as Ford has redesigned its popular F-150 and Super Duty pickup trucks, which it is looking to put up against Chevy’s and Ram’s also newly redesigned truck models. Ford, which saw 38 percent of its sales come from its F-series at 909,330 units sold in 2018, leads the pickup truck war followed by Ram and then Chevy, the news outlet said.

Ford has been actively restructuring its business by committing $11 billion to its electric and hybrid vehicle development, including an all-electric F-150 model to come and a significant investment into electric pickup truck maker, Rivian.

Shares of Ford stock were down 2.60 percent as of 12:47 p.m. ET on Wednesday.