Ford Motor announced Thursday that its new midsize electric truck will have a starting price of $28,350 and be called the “Fathom,” as the automaker looks to offer an affordable option in the pricey EV truck market.

Destination and delivery charges of $1,595 will bring the price to $29,945, coming in at the $30,000 mark the automaker had long promised in touting its upcoming electric vehicles.

Ford said preorders for the five-passenger truck will begin in early 2027. Customer deliveries are expected to begin later in 2027. Ford has yet to reveal what the new truck will look like.

The Fathom is the first vehicle to be built on Ford’s new “Universal Electric Vehicle,” or UEV, platform, which the company has said is key to bring its Model e business unit from billions of dollars in annual losses to breakeven by 2029.

“We are confident that we have the best cost platform and are focused on the right market,” a Ford spokesperson said in an email. “We believe the UEV platform will be a strategic advantage — and we have the best chance to make it work.”

Ford has said the goal for the UEV platform is for each vehicle built on the system to be profitable within a year of launching and cost-competitive with global EV leaders from China and Tesla. Ford has had a secret unit working on the platform to make the vehicles comparable in price to gas-powered vehicles through new technologies and efficiencies.

Ford’s push with the UEV platform comes despite a massive slowdown in EV adoption and the elimination of U.S. consumer incentives to buy EVs. The company last year reported $19.5 billion in restructuring charges related to its electric vehicles.

The Ford Fathom will be built using the company’s new assembly tree manufacturing process at its Louisville Assembly Plant.