The auto-maker that it will increase its investment in the electric vehicle market from $4.5 billion to $11 billion.
Ford Motor Co has announced it will accelerate its global development of electric vehicles.
Speaking at the Detroit auto show on Sunday, chairman Bill Ford revealed the car-maker has decided to up its planned investment in electric vehicles to $11 billion by 2022, and add 40 hybrid and fully electric vehicles to its global line-up.
The investment figure blitzes the previous target of $4.5 billion by 2020, and 13 electrified vehicles.
Of the 40 electrified vehicles Ford plans to roll-out by 2022, 16 will be fully electric, while the others will be plug-in hybrids.
“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” Bill Ford told reporters.
“If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
According to Reuters, mainstream auto-makers are also responding to pressure from regulators to cut carbon emissions, while China, India, France and the United Kingdom are all planning to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.
Ford’s shift to the electric vehicle strategy is understood to have been six months in the making after Jim Hackett replaced former Chief Executive Mark Fields in May last year.
The mysterious Mach 1
At the very end of its press conference at the North American International Auto Show, Ford played a 60-second teaser video of an all-electric performance SUV called the ‘Mach 1’, which they say will be released in 2020.
Ford executive Jim Farley didn’t divulge details on the Mach 1, instead he piqued viewers interest using a handful of questions. “What happens when this,” he asked before the roar of an internal combustion engine played on stage, “meets an e-racer acceleration?” Another: “Can a battery electric vehicle stir the soul?”
The Verge reports that Porsche and Jaguar are also working on performance electric vehicles. Certainly, a vastly different landscape to today’s Tesla-controlled market is on the horizon.