Ford Plans To Unveil Its Electric Transit Cargo Van In November To Push Its EV Agenda

After announcing results that blew past estimates, automaker Ford (F) revealed plans to put on the market in November the electric version of its cargo van, Ford Transit.

Ford had Transit in the pipeline for over a year. The company announced in April 2019 plans to sell the electric van in the European market by 2021, and earlier this year, Ford said it would start production for the North American market in 2022, according to a report.

The cost of the van starts at $40,180. It seats up to 15, with Ford’s Co-Pilot360 Technologies incorporated in it. The van boasts of all-wheel-drive to keep the car steady and prevent wheelslips, and massive cargo space.

Transit is a part of Ford’s $11.5 billion commitment to expand its electric vehicle offerings through 2022. The company plans to attract commercial customers with this cargo van.

In the earnings call on Wednesday, CEO Jim Farley said that the regular Transit van and Ford F-150 were the most successful, highest volume commercial vehicles in the industry.

“These electric vehicles will be true work vehicles, extremely capable and with unique digital services and over-the-air capabilities to improve the productivity and uptime of our important commercial customers,” Farley said.

In a statement earlier this year, Farley had said that Ford Transit is not just about creating an electric drivetrain, “it’s about designing and developing a digital product that propels fleets forward.”

Ford’s F-150 pickup truck has entered the competitive market of electric trucks, where it battles Tesla’s Cybertruck and Lordstown Motors’ Endurance, among others.

Ford reported big third-quarter profits Wednesday with revenue touching $37.5 billion, way beyond Wall Street’s expectations, indicating strong sales in North America. Shares of Ford jumped in after-hours trading following the report that profits of the company stood at $2.4 billion, more than five times in the year-ago period.

Ford scored higher U.S. sales in the quarter for its popular F-Series pickup truck and the smaller pickup model the Ranger, as well as for the revamped Explorer sport-utility vehicle.