When Ford introduced the Maverick compact pickup in 2021, it was an instant hit. The small truck's combination of a sub-$20,000 starting price, standard hybrid powertrain, and practical utility tapped into a huge untapped market.

Ford is betting that affordability will win out with its $30,000 EV pickup and is skipping all of that fancy truck stuff that most buyers won't use anyway.

Ford will invest $5 billion, including $2 billion at its Louisville, Kentucky factory on top of $3 billion already announced for its BlueOval battery plant. It will expand the Louisville facility by 52,000 square feet and "create or secure" nearly 4,000 direct jobs, Ford added.