Look at the new entry-level Ford vehicle.  It’s a truck

Look at the new entry-level Ford vehicle. It’s a truck

Ford Motor Co. confirmed on Thursday that it will introduce a compact pickup truck called the Maverick next week, increasing the entry-level vehicle, after saying it would largely abandon the U.S. sedan market after more than three years.

While Ford said it will provide more details about the truck on June 8, executives have talked about the “white space” vehicle that will take it to a new U.S. automotive segment, and those familiar with the plans have said it will be Maverick’s starting price. Under $ 20,000.

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A small four-door collection will be built starting in July at the Mexican company Hermosillo, which eventually plans to build more than 120,000 annually, according to AutoForecast Solutions. Ford declined to comment on the vehicle’s pricing or other details before next week’s appearance.

According to the Kelley Blue Book, where the average new vehicle is now selling for nearly $ 41,000 in the industry and the number of vehicles sold for less than $ 20,000 is rapidly declining, Ford hopes Maverick will help attract buyers shut down with the April 2018 forecast. Fiesta, Focus, Taurus and Fusion would stop selling sedans, the last of which was canceled last year.

Ford’s current entry-level vehicle is the EcoSport SUV, which starts at less than $ 20,000.

Sellers are happy that they will have a low-cost vehicle to attract buyers to the Ford brand.

“When they decided to get rid of sedans, it made it very, very difficult for us to compete in that entry-level market,” said Rhett Ricart, owner of Ricart Ford in Columbus, Ohio. “Ford’s times are perfect. He’ll get us back in the game.”

But Ford is entering another market today. In 2012, 54% of all new U.S. vehicles were sold for less than $ 30,000, but last year it dropped to 20% because consumers switched to more expensive trucks and SUVs, according to Cox Automotive. In April, only six car models were sold for less than $ 20,000.

Analysts say today’s low-cost buyers are aiming to save money.

“Cars have become so reliable that entry-level sales have shifted out of rental and into used cars,” said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions. “When the average transaction price is $ 40,000, it’s less than $ 30,000 for a cheap budget.”

Ford is also not alone in seeing the end of the truck market, as Hyundai Motor Co. will introduce a compact Santa Cruz pickup in the summer, calling it a “sports adventure vehicle”.

“It will take us to a whole new territory of the Hyundai brand and will probably attract a new Buyer who wouldn’t think buying a Hyundai,” said Randy Parker, head of sales for Hyundai North American. .

They say the price of Santa Cruz will start at about $ 25,000. AutoForecast Solutions expects Hyundai to build less than 35,000 a year at its Alabama plant.

Maverick is also an example of leveraging existing platforms to save money and accelerate vehicles to market. It will be built on the same architecture of vehicles used for Bronco Sport, Lincoln Corsair and Ford Escape SUVs, saving the company 68% of its investment in Focus, which Ford announced last December.

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