Ford is preparing a major electric vehicle announcement that CEO Jim Farley calls a “Model T moment,” as reported earlier by InsideEVs. “This is a Model T moment for us at Ford, a chance to bring a new family of vehicles to the world that offer incredible technology, efficiency, space, and features,” Farley said. The automaker’s upcoming event comes at a pivotal moment for an industry that once felt like the future of cars. The EV maker also announced a slew of deals in an attempt to reverse slumping sales, and even revealed plans to launch a stripped-down Model Y. Farley says Ford is working to compete with the low-cost EVs made by Chinese automakers, like Geely and BYD.