Ford has bet on electric vehicles to help drive future growth and like a lot of other automakers, it’s zeroed in on price point as one of the catalysts for driving consumer adoption.

The automaker has seen some limited success so far with its F-150 Lightning and Mustang Mach-E. But those vehicles’ most basic packages start at about $40,000 and $50,000 respectively. Ford has seemingly understood for a while that a lower entry point will be necessary to get more drivers to switch from internal combustion engines, since the company formed a skunkworks team more than two years ago to work on a low-cost EV platform.

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