Trending

Stories

Ford to Make 40 Hybrid Vehicles by 2020 With Its Planned Investments of $11 Billion

Must Read

Aniruddha Paul
Aniruddha Paul
Writer, passionate in content development on latest technology updates. Loves to follow relevantly on social media, business, games, cultural references and all that symbolizes tech progressions. Philosophy, creation, life and freedom are his fondness.

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

Also Read

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.

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.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store Twitter Accuses Microsoft of Data Use Policy Violation GIFs take over Instagram comments, unleashing creative expressions! The First US State to Ban TikTok: Montana’s Bold Move Adobe Unveils New Product Line for Digital Marketing Advancements
Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store Twitter Accuses Microsoft of Data Use Policy Violation GIFs take over Instagram comments, unleashing creative expressions!