Still, Ford Motor Co. is determined to prevail in the full-size truck war, not make a last stand.

"(Toyota and Nissan) can take sales away from GM and Dodge; they're not taking them away from us," Lyons said. With 3,850 dealers, Ford has a big advantage when compared with Toyota and Nissan, which have about half that number.

Taking a page from Toyota's playbook, Ford has set pricing for its latest F-150 model at or below the cost of the current model. (Photo: Ford Motor Company)

In fact, for the F-150, Ford seems to have taken a page from Toyota's playbook of pricing new models at (or below) the cost of the current model. On July 11, Ford revealed that the 2004 F-150 models will start at USD$19,125, which is the same price as the 2003 model despite having greatly improved the fit and finish of the truck's interior plus making the V8 engine and automatic transmission standard equipment on all versions.

Steve Lyons, President of the Ford Division, said customers would "be blown away" by the standard equipment and price of the new F-150. (Photo: Ford Motor Company)

2004 F-150s range in price from $19,125 to $35,570, comparing well to the $19,125 to $34,135 price range of 2003 models (USD).

"When our customers get to the dealership and compare the level of standard equipment on the new 2004 lineup with the price, they are going to be blown away by what fits into their monthly budget," Lyons said.

"The story of the F-150 is of great leadership," noted Frank Davis, Ford Chief Engineer, F-150.

Since the debut F-1 pickup in 1947, the F-Series has sold an average of 800,000 units per year. It has been ranked as the No. 1 full-size pickup in J.D. Power quality surveys, along with being the best selling vehicle in America for more than two decades.