Ford is prepping a long-range electric vehicle to compete with Tesla

Ford Electric Car

Ford Motor Company is developing a new long-range electric vehicle that will compete with electric cars from Tesla and GM. The company says the new vehicle will be able to travel at least 200 miles on a single charge.

“Our approach, very simply, is we want to make sure that we’re either among the leaders or in a leadership position,” Chief Executive Officer Mark Fields revealed on Thursday.

“When you look at some of the competitors and what they’ve announced, clearly, that’s something we’re developing for.”

Fields failed to reveal when Ford plans to debut the new electric vehicle.

GM is planning to start selling the Chevrolet Volt this fall. That vehicle can travel at least 200 miles on a single charge.

Reports are suggesting that Nissan Motor Co.’s next-generation Leaf electric car will match that distance on a single charge.

Tesla’s Model 3 will debut in late 2017 and will travel at least 215 miles between charges.

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Recent research reported by Bloomberg suggests that consumers are willing to buy an electric vehicle if it can travel at least 200 miles between charges and if the price falls below $30,000.

Ford has said it is investing $4.5 billion in electrified vehicles and will add 13 electric cars and hybrids to its lineup by 2020. That would equal about 40% of the company’s entire showroom.

Those plans could change if gas prices remain low. The company in 2015 sold a record 1.7 million vehicles, many of which were SUVs and pick-up trucks, both which have higher margins for the company than cars.