Ford’s head of global markets, Jim Farley has just announced that Ford Motor Co will invest US$11 billion in electric vehicles, a major increase on their previously announced US$4.5 billion.
The electric vehicles will include 24 hybrids and 16 fully electric vehicles by 2022.
The increased investment reflects the costs of building a dedicated electric vehicle platform, and development of 40 electric and hybrid models, Jim Farley said.
“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” Bill Ford said to reporters.
Rival Detroit automaker General Motors Co has also announced plans to add twenty new battery electric and fuel cell vehicles to its global lineup by 2023.
GM Chief Executive Mary Barra made a bold promise to investors that the Detroit automaker will make money selling electric cars by 2021.