Ford plans $11 billion investment in electric vehicles by 2022

Chelsea West
January 16, 2018

General Motors, Toyota and Volkswagen have already outlined ambitious plans to offer more electric vehicles and also did General Motors who made his announcement last week about new driverless vehicle.

The company previously committed $4.5 billion in spending on electrified products by 2020 and said in October it would divert an additional $500 million from conventional products-including gasoline-powered products-over a five-year span.

Chairman Bill Ford has announced that the multinational automaker is greatly scaling up investment in the next generation automobiles aiming to add 40 hybrid and all-electric models to its line-up by 2022.

However, $11 billion will get the company much further.

Mr Ford told reporters: "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them". The rumours have a different opinion as they don't think that teaser is referring to the "MuSTang".

Ford will shell out $11 billion on new electric technologies.

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"Ford will prepare for disruption by becoming fit", the executive said.

From the total 40 models, 16 are planned to be fully electric and the rest plug-in hybrids. "If we want to be successful with electrification, we have to do it with vehicles that are already popular", Bill Ford said.

In the United States, General Motors Co has outlined plans to introduce 20 new battery and fuel cell electric vehicles by 2023, a lot of them built on a new dedicated, modular platform that will be introduced in 2021.

Reports suggested the company has been working on a new EV strategy for around six months. "We do not have a gun to our head", Marchionne said.

Ford's original plan was to launch an all-electric SUV in 2020, but in order to stand out on the market and create something unique the brand has changed tact and chose to launch it as a performance model.

Other reports by TheSundaySentinel

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