The company's first EV model will be an SUV.

The company is currently working on a Mustang-like electric performance SUV, called the Mach1. This battery-electric performance car’s design will be SUV-like and will be inspired by the Mustang.

Joe Hinrichs, president of global operations, stated that the plan is to concentrate on 'electrifying the iconic nameplates’ and making cars with fairly high sticker prices, rather than affordable compacts. The name of the electric SUV may be an existing nameplate, rather than a full, stand-alone EV. The Mach1 nameplate was first used on the Mustang, but this car hasn’t been confirmed for production just yet.

Ford’s Mach1 is part of the company’s electric push. It wants to double its investment in electric cars from $4-5 billion to about $11 billion. A host of new Ford models will be arriving in 2020.

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