Ford Motor Company now plans to invest as much as US$11 billion on electric vehicles by 2022, a huge jump from an earlier announced target of US$4.5 billion spending on such initiatives by 2020.
The investments will be made in full electric and plug-in hybrid vehicles, top company officials said in Detroit on Sunday, Reuters reports.
“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” Chairman Bill Ford was quoted as saying at the North American International Auto Show.
Ford’s head of global markets, Jim Farley, said the automaker’s investment in full electric and hybrid vehicles would effectively double from the levels previously planned.
The added investment reflects the costs of building a dedicated electric vehicle platform, and development of 40 electric and hybrid models, of which 16 will be battery electric models, he said.
Farley said Ford will bring a high performance electric utility vehicle to market by 2020. The company will begin production of a hybrid version of its popular F-150 truck at plant in Dearborn, Michigan, in 2020.
Ford’s plans for increased investments in electric vehicles come as rival General Motors has said it plans to add 20 new battery electric and fuel cell vehicles to its global lineup by 2023.
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