Ford announced Wednesday, during its third-quarter earnings discussion, its intention to debut an all-electric iteration of the Ford Transit cargo van in November. This reveal will present an electric van designed for all global markets the company serves.

For over a year, Ford has discussed the development of an electric Transit van. Initial plans, revealed in April 2019, detailed the sale of a fully electric Transit model within Europe by 2021. Subsequently, this spring, Ford confirmed production and sales of an all-electric cargo van for North America, beginning with the 2022 model year. The unveiling is scheduled for November 12, presented as an “immersive” virtual experience.

This electric Transit cargo van represents a component of Ford’s investment exceeding $11.5 billion in electric vehicle technology through 2022, specifically targeting commercial clientele.

Integrating commercial vans into its EV plans is directly connected to North American sales figures and the company’s projections for future expansion. During a Wednesday earnings conference call with analysts, CEO Jim Farley stated, “The Transit van and the Ford F-150 represent the two most significant, highest-volume commercial vehicles within our sector.”

He further explained, “Ford is synonymous with ‘work,’ and these electric vehicles will be genuinely practical work vehicles, offering substantial capability alongside exclusive digital services and over-the-air updates designed to enhance the productivity and operational time of our valued commercial customers.” We anticipate a substantial market for fully electric commercial vans and pickups – representing the largest potential for profit within the commercial vehicle space – and we are actively pursuing this opportunity.”

This announcement accompanied the release of Ford’s third-quarter earnings, which surpassed Wall Street’s forecasts. Ford reported a net income of $2.4 billion on revenue totaling $37.5 billion. The company now projects a positive adjusted earnings before interest and taxes for the entirety of 2020, a marked improvement over previous projections.