Ford unveils the redesigned Ranger with the new Raptor performance model

DETROIT — Ford Motor Company on Wednesday unveiled its redesigned Ranger midsize pickup truck for the United States, including a new high-performance Raptor model.

Adding the Raptor—which starts at $56,960—is part of Ford’s plan to ramp up high-earning variants to boost its bottom line, as the company pours billions into electric vehicles.

Ford CEO Jim Farley told investors last month that special variants like the Raptor share roughly 80% of their parts with regular models but have contribution margins 30% higher, with “a two-fold increase in capital efficiency.”

Ford expects the Raptor to account for about 10% of Ranger sales in the United States, according to Gretchen Sawyer, Ford’s director of marketing.

“The Raptor will be at the end of our Ranger parade,” Sawyer said. “It will increase the total transaction price of Ranger.”

Ford declined to release the current average transaction price for the Ranger. Automotive research firm Edmunds reported that it was roughly $41,300 as of last month.

Powered by the 3.0-liter EcoBoost V6, the Ranger Raptor adds to Ford’s Raptor lineup that currently includes the full-size F-150 pickup and Bronco SUV.

Ford also raises starting prices for standard Ranger models, which include additional technology and safety features. Pricing for the entry-level XL model will start at $34,160, up nearly 18% from $27,400 for the current model. The Ranger Raptor raises the vehicle’s higher starting price by 34%. The price includes the mandatory destination fee.

Ordering for the 2024 Ranger opens this month, and the vehicles are scheduled to arrive at dealerships starting in late summer.

While sales of the Ranger in the United States pale in comparison to the larger Ford F-Series trucks, the smaller pickup is crucial to Detroit’s global sales. Ford produces the vehicle at five different plants worldwide for sale in more than 180 markets.

The Ford brand sold more than 1 million pickups globally in 2022, and the automaker said Ranger sales more than doubled from a decade ago to more than 300,000 units last year. The Ranger ranks second in global sales of the Toyota Hilux, according to industry data.

“The mission has always been to climb the mountain to first place,” Jim Bombeck, Ford vice president of product development and quality, told CNBC. “We are clear world No. 2 and we have our sights full on the top of the podium.”

Ranger sales in the US fell about 40% last year as the automaker battled supply chain woes and prioritized production of the Ford Bronco SUV, which saw sales more than tripled in 2022 to more than 117,000 units.

Both the Ranger and Bronco are produced at the Michigan plant, which creates a push-pull type of production for each.

“Ford will try to decide at any given moment what car to produce, but it can flex back and forth,” said Stephanie Brinley, principal auto analyst at S&P Global Mobility.

Baumbick says balancing Ranger and Bronco production at Ford’s Michigan Assembly plant is something he’s been spending a great deal of time working on.

“It’s a challenge. It’s a good problem. We have an incredible demand on both the Broncos and the Ranger side,” he said. “As we launch the new Ranger, we will continually balance the two.”

The Ranger fits between Ford’s compact Maverick pickup, the automaker’s full-size F-150 and larger F-Series trucks. This is the first time the Ranger has been redesigned since Ford released the well-received Maverick pickup in 2021.

To help set the pickups apart, Ford has added more capability and power to the Ranger. It’s also two inches wider and longer than the current-generation truck.

The 2024 Ranger will come standard with a 2.3-liter turbocharged engine making 270 horsepower and 310 pound-feet of torque. Also available will be the 2.7-liter twin-turbo V6 currently offered in the F-150 and Bronco SUV. This engine produces 315 horsepower and 400 pound-feet of torque.

The Ranger Raptor will come standard with a 3.0-liter EcoBoost V6 engine that is expected to produce a best-in-class 405 horsepower and 430 pound-feet of torque.