Ford is launching a secretive 'skunkworks' project in California aimed at developing lower-cost electric vehicle (EV) models.

Established nearly three years ago, the skunkworks team has recruited talent from major tech companies to create a clean-sheet EV platform.

The project will produce several new EV models, including a midsize pickup truck, crossover, and commercial vehicles.

Ford announced that the upcoming truck will be a midsize model, which is larger than initially anticipated.

The truck is set to launch in 2027, but Ford has not yet disclosed where it will be manufactured.

During a media briefing, Ford's CFO, John Lawler, did not disclose specific details about the truck's size, specs, or pricing.

CEO Jim Farley previously mentioned that the skunkworks team aims to create EVs priced between $25,000 to $30,000, though pricing for the truck remains unclear.

The midsize truck's size may influence its battery costs, range, and overall pricing strategy, as Ford wants to provide customers with more utility and usability.

The truck is expected to compete against newer, affordable EV options from competitors set to launch between 2025 and 2026.

In response to low profits, the automaker is revising its EV strategy, shifting from a planned three-row electric SUV to a hybrid version instead.

The current gas-powered Ranger model starts at $32,720, and notably, the smaller Maverick model outsold the Ranger nearly three-to-one last year.