Ford has said it expects to launch a $30,000 EV that could be profitable in about two and a half years, news agencies report.

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The comments were made by its CEO Jim Farley during the Aspen Ideas Festival in Colorado.

The automaker did not provide any further details on the vehicle, according to CNBC.

In April, Mr Farley had hinted at the automaker’s expectations of being profitable in the $25,000 to $30,000 range for EVs.

Ford did not immediately respond to a Reuters request for a comment.

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Mr Farley said Ford is first focusing on smaller EVs instead of larger all-electric trucks and SUVs, which have historically been gas-powered profit engines for the company, because such vehicles are “never going to make money,” according to CNBC.

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