The mid-size pickup truck is expected to hit dealerships in 2027 for around $30,000. 

Ford said the yet-to-be-named truck will be built on a brand-new, American-made battery platform at its Louisville, Kentucky plant. 

This will be the first EV from any automaker powered mostly by US-sourced materials - a big deal given that critical minerals are typically imported, often from China.

The truck's battery uses lithium iron phosphate (LFP) chemistry, which avoids cobalt and nickel, and promises acceleration that beats the Mustang in a straight line. 

LFPs are also cheaper to build, improve fire safety, have a longer lifespan, and offer more environmentally-friendly mining practices. GM is also developing similar battery technologies. 

Ford invoked the legacy of the Model T - the car that revolutionized American manufacturing with the assembly line - to underscore the importance of the new launch. 

'It represents the most radical change on how we design and how we build vehicles at Ford since the Model T,' CEO Jim Farley said. 

Ford also claims the pickup will have more passenger space than the 2025 Toyota RAV4 and include its latest highway self-driving tech, Blue Cruise. 

While the company hasn't revealed a name for the truck, rumors are flying that Ford is bringing back the Ranchero nameplate for the new car. The company reportedly filed patent paperwork to reclaim the name, but declined Daily Mail's request for comment on the name. 

The popular mini truck sold a half-million units from 1957 through the 1970s. 

Still, its a major technological departure from Ford. The company, which has a three-vehicle lineup of EVs, just reported losing $1.3 billion on its all electric fleet. 

But Ford needed to adjust its parts pipeline. In June, the automaker temporarily shuttered some of its US production plants as Chinese officials throttled critical mineral pipelines to the company. 

'There are no guarantees with this project,' Farley added. 'It is a bet, there is risk.' 

Investors, didn't initially seem convinced: Ford's stock dipped 0.5 percent after the announcement.