It’s ‘gentlemen’s agreement’, and it’s backed up by a 25% tariff on imported pickups.
Starting at around 212”, the new Ford Ranger will not be small by any historic or world standards. An F150 is available about the same size.
My understanding was there were some requirements on mileage that varied by wheelbase. Talk to an old Ranger purchaser and they aren’t happy about the new larger sized Ranger.
A Ranger used to be the price of a small cheap car. Not anymore. I think it will fail.