The F-150 is one of the cornerstones of Ford's success. Successfully replacing it will be Ford's biggest challenge in 2014. Photo credit: Ford Motor.

What's Ford's (NYSE:F) biggest challenge in 2014?

Ford had a good year in 2013, but the company will face a host of challenges in the year to come. Stepped-up competition from Japanese rivals at home, tough market conditions in Europe, and aggressive expansion goals in Asia will all keep Ford's managers very busy as 2014 unfolds.

But the biggest challenge Ford faces this year is right here at home: Ford's most profitable product, the F-150 pickup, is set to be replaced. Automakers launch new products all the time, but this is no ordinary new-product launch: As Fool contributor John Rosevear explains in this video, the rollout of Ford's new truck could cost Ford a bundle -- and comes with some unique risks that could give rival General Motors (NYSE:GM) a big opportunity to take advantage.