• On September 6, Ford released its first teaser image of the codenamed “Mach 1” vehicle, the company’s first all-electric crossover that is inspired by the classic Ford Mustang.
  • This vehicle’s planned range is 300 miles per charge and it is set to go on sale in 2020, with an expected entry-level price of under $40,000.
  • Ford has stated it plans to invest $11 billion in its electrification efforts. As part of its plan, the company has said it will launch 40 new electrified cars worldwide by 2022.

Ford recently released its first teaser image of the codenamed “Mach 1,” the company’s first all-electric vehicle that is inspired by the classic Ford Mustang.

The release of the teaser image Thursday comes only nine months after the company first announced its intention to produce a high performance, battery-electric crossover at the Detroit Auto Show in January.

The company said the vehicle will have a range of 300 miles per charge and will go on sale in 2020. With an expected entry-level price of under $40,000, Ford will be competing with comparable electric car models like the Tesla Model 3 and the Chevy Volt sell for $37,100 and $34,095, respectively.

The Mach 1, which is the model’s temporary codename, looks to draw inspiration from the Ford Mustang. The teaser image showcases the three taillights that are so popular with Mustang fans, as well as the curved coupe-like roof. Mach 1 is a historic name for a high-performance model of the Mustang, and the choice has become controversial. The company has back-tracked on keeping the name for this new electric model after it was poorly received by Mustang purists.

While the Mustang is the primary inspiration, the design of the steep rear hatch calls to mind BMW's X6 and X4 crossover models. Ford has stated it plans to invest $11 billion in electrification and release 40 new electric model cars by 2022.

The car was developed by Ford's Team Edison, a small, start-up styled squad headquartered in Detroit's old Corktown neighborhood, who released a Medium post on Thursday touting their work on the car.

A short video touting the Mach 1 entering a Detroit garage can also be found on YouTube: