Jim Farley Makes the New EV Pickup's Price Clear: Ford Stock (NYSE:F) Drops

Legacy automaker Ford (F) is about to release a car that should get quite a bit of attention, even though the last time it tried something like this did not end well for it. Ford has a new electric pickup coming out, and CEO Jim Farley made it clear just what it would cost. Yet this news did not seem to help Ford, as shares slid nearly 3% in Thursday afternoon's trading.

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Farley made it clear that the new pickup—the first vehicle released under the Universal Electric Vehicle (UEV) platform–would cost "around" $30,000. This was almost a relief, as the price of a new pickup has soared upward in recent years. The idea of a comparatively affordable new pickup truck should have been the kind of thing that captured a lot of interest.

Farley noted, "The first UEV product will compete in the affordable heart of the US EV market, where we'll offer customers a wholly new proposition that we can't find in the market today. It starts around $30,000. It has more cabin room than the Toyota RAV4, plus it has a pickup truck bed. It has bidirectional charging capability, incredibly fun to drive, and personalized technology in the experience."

More to Come

Meanwhile, it turns out that the release of the new pickup—which some reports suggest will bring back the Ranchero name—will not be alone. Over the next three years, Ford expects to launch not only the new electric pickup, but also a new F-Series pickup and a new Super Duty pickup as well.

Plus, Ford is still in the hunt to bring out a major new advance for the United States military. It is unclear as yet if a "civilian version" of whatever truck Ford gets to the United States will be made available, but it would certainly be in keeping with Ford's larger philosophy of "no boring cars."

Is Ford Stock a Good Buy Right Now?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on F stock based on six Buys, nine Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 38.03% rally in its share price over the past year, the average F price target of $15.30 per share implies 3.27% upside potential.