Ford Motor is planning to pump USD 11 billion in its electric vehicles by 2022, said chairman Bill Ford at the Detroit Auto Show. This investment is really huge as compared to $4.5 billion that the automaker announced in December 2015.
The company also announced its plans to have 40 electric vehicles in its model lineup by 2022, with 16 fully electric vehicles and the rest plug-in hybrids. It seems that Ford has becoming increasingly focused on electric and smart vehicles.
Last year in May the automaker replace its chief executive officer Mark Fields with Jim Hackett, who was previously in charge of its self-driving car subsidiary. The change in the leadership came at the time when shares of Tesla passed Ford in market capitalization, positioning the Model S maker as the second-largest auto company in the U.S. after General Motors.
According to Reuters Chairman Bill Ford at the Detroit auto show said “We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles and we’re electrifying them. If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
Reports state that Ford will begin testing its self-driving network this quarter in a city that is yet to be named.
Big automakers including General Motors Co, Toyota Motor Corp and Volkswagen AG have already outlined aggressive plans to expand their electric vehicle offerings and target consumers who want luxury, performance and an SUV body style – or all three attributes in the same vehicle.
Reuters reports that some of the electric vehicles will be produced with Ford’s JV in China aimed at the Chinese market. One aim of Ford’s “Team Edison” is to identify and develop electric-vehicle partnerships with other companies, including suppliers, in some markets, said Sherif Marakby, vice president of autonomous vehicles and electrification.
China, India, France and the United Kingdom all have announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.