Ford parades electric F-150 in New York

The relatively low price was achieved by involving long-time suppliers in the new venture, said Darren Palmer, Ford's general manager for Battery Electric Vehicles.

"This truck is more powerful than any F-150 we've ever made," said Palmer. "It's 563 horsepower and 775 foot-pound of torque. The most powerful we ever made. It's the fastest we ever made. And it will tow a ten thousand pound load as if it's not even attached to the back."

Ford and other global automakers are racing to shift their gasoline-powered lineups to all electric power under pressure from regions like Europe and China to cut vehicle emissions. U.S. President Joe Biden has called for $174 billion to boost U.S. EV production, sales and infrastructure.

Ford's 2030 sales target would translate to more than 1.5 million EVs, based on last year's sales. By comparison, rival General Motors has targeted annual sales of more than 1 million EVs in the United States and China by 2025.