Yesterday at the Detroit Auto Show, Ford revealed its plans to invest $11 billion for making 40 hybrid and fully electric vehicles by 2022. According to the executives of the company, it surpasses the previously announced plan that included $4.5 billion over the time period till 2020. The new investment includes the expenses on the development of dedicated EV architectures.
The executives further said that there will 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. They will undertake productions for a hybrid version of the F-150 truck at a plant in Dearborn, Michigan in the same year.
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. In the last few months, the plan was finalized after an insightful market review, according to personnel familiar with the process.
Back in October, the company revealed that they formed a dedicated Team Edison for boosting the global development of the EV industry. 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.