Revealed in late 2021, the Ranger P703 sits on a revised ladder frame with a 50 mm wider track and extended wheelbase. Exterior design aligns with Ford's global truck family, featuring distinctive C-clamp headlights. The interior is highlighted by a portrait SYNC 4A touchscreen and customizable digital instrument cluster.

Engine choices include 2.0-liter EcoBlue diesels, a powerful 3.0-liter V6 turbodiesel, and the 2.3-liter EcoBoost. The Raptor variant escalates output with a 3.0-liter twin-turbo V6 EcoBoost engine and active exhaust. A Plug-in Hybrid (PHEV) variant joins the global lineup for 2024. The lasting engineering impact of this generation remains a key benchmark in Ford's global model evolution history. Known for its dependable mechanical layout, the vehicle built a loyal customer base across diverse driving conditions. Offered with versatile feature packages, this iteration successfully balanced day-to-day usability with solid resale value.