07:02 AM EDT, 07/01/2024 (MT Newswires) -- Ford Motor ( F ) plans to launch a $30,000 all-electric vehicle that will be profitable within the next two and a half years, CNBC reported on Friday, citing Chief Executive Jim Farley.

Ford's anticipated EV aims to compete primarily with Chinese automakers like BYD and Tesla's expected entry-level car.

Farley said Ford is shifting its focus to smaller electric vehicles rather than larger all-electric trucks and SUVs, as such cars are "never going to make money".

In an interview with CNBC, Farley said all-electric trucks and SUVs are unlikely to be profitable due to expensive batteries that "will never be affordable."

A spokesperson for Ford later told CNBC that Farley referred to Super Duty models or vehicles and not ones such as Ford's F-150 Lightning pickup.

Farley during the Aspen Ideas Festival on Friday said to launch a profitable EV requires a "radical change".

"The first thing we have to do is really put all of our capital toward smaller, more affordable EVs," Farley was quoted as saying.

Ford Motor ( F ) did not immediately respond to requests for comment from MT Newswires.

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