Ford Unveils 2022 Maverick Pickup With Hybrid Engine

Ford promises 'best of both worlds' as it unveils its new Maverick pickup truck with a hybrid engine.
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Promising "the best of both worlds," Ford  (F) - Get Report unveiled its new Maverick compact pickup truck Tuesday with a standard hybrid engine and a roughly $20,000 price tag.

Stocks Trade Mixed as Wall Street's Focus Remains on Inflation

Ford said the Maverick comes with a standard 1,500-pound (6,800-kilo) payload capacity and 2,000 pound base towing capacity. 

The hybrid vehicle will get 40 miles per gallon in the city. A gasoline-powered engine will be sold as an option.

The starting price is $19,995, or $21,490 after mandatory shipping charges are included.

The hybrid model is rated at 191 horsepower and is available only with front-wheel-drive, while an all-wheel-drive version is powered by a 2.0-liter turbocharged four-cylinder with 250 horsepower.

Ford expects the hybrid version of the 2022 Maverick to make up about 40% of demand when it goes on sale this fall, Reuters reported. The technology was critical to hitting the targeted starting price, the news service said.

"The Maverick gives you the best of both worlds," Ford said on its website. "Compact on the outside, but still big enough on the inside to seat five and store all your stuff."

Ford's product chief, Hau Thai-Tang, said "we'll get a lot of first-time truck buyers, people who really didn't consider a truck before, because it was either out of reach or it was too big for them," according to The Wall Street Journal.

The Maverick follows last month's debut of Ford's F-150 Lightning, which is at the forefront of the company’s $30 billion global electric vehicle plan.

Last week, Ford said that May's electrified-vehicle sales nearly tripled and total sales climbed 4.1%. 

The automaker's shares surged recently after JPMorgan analyst Ryan Brinkman lifted his price target on Ford by $2, to $18 a share while maintaining his overweight rating.

The name Maverick is not new in the Ford lineup. The company in 1969 introduced the model-year 1970 Ford Maverick compact car.

Shares of the Dearborn, Mich., automaker were down 2% to $15.56 at last check.