Ford announced at the Detroit Auto Show that it will significantly increase its planned investments in electric vehicles, spending $11 billion to have 40 hybrid and fully electric vehicles in its model lineup by 2022.
The investment is much higher than a previously announced target of $4.5 billion by 2020.
“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 said. “If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
Of the 40 electrified vehicles Ford plans for its global lineup by 2022, 16 will be fully electric and the rest will be plug-in hybrids, Ford executives said.