Yesterday at the Detroit Auto Show, Ford revealed its plans to invest $11 billion in making 40 hybrid and fully electric vehicles by 2022. According to the company’s executives, it surpasses the previously announced plan that included $4.5 billion over the period till 2020. The new investment includes the expenses on the development of dedicated EV architectures.
The executives further said that there would be 16 fully electric vehicles and 24 plug-in hybrids, out of the 40 global lineup target of the company.
If we want to be successful with electrification, we have to do it with vehicles that are already popular. – Chairman Bill Ford
The Detroit Show featured many vehicle launches that featured SUVs and trucks, much unlike the focus of Ford on electric vehicles. Jim Farley, the president of global markets for Ford, said that the company is aiming to introduce a ‘high-performance electric utility vehicle’ by 2020. In the same year, they will undertake productions for a hybrid version of the F-150 truck at a plant in Dearborn, Michigan.
Ford began focusing on the plan for electric vehicles since more than six months ago, right after Jim Hackett took over the baton of CEO from Mark Fields in May. The plan was finalized in the last few months after an insightful market review, according to personnel familiar with the process.
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In October, the company revealed that they formed a dedicated Team Edison to boost the EV industry’s global development. This team believes in the mottos ‘think big’ and ‘make quicker decisions.’ One of its aims is to develop partnerships with companies that include suppliers, said Sherif Marakby, vice president of autonomous vehicles and electrification for Ford.