Ford Motor Company will increase its planned investments in electric vehicles to US$11 billion (A$13.9 billion) by 2022, chairman Bill Ford has announced.
The investments will be made in full electric and plug-in hybrid vehicles, raising the company’s previous target of $4.5 billion (A$5.7 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,” Ford said.
The announcement comes amid heightened competition between automakers to bring electric cars to market.
General Motors (GM) has announced plans to add 20 new battery electric and fuel cell vehicles to its global line-up by 2023, according to Reuters – financed by robust profits from those very same traditional internal combustion engine vehicles in the United States and China.
GM Chief Executive Mary Barra has made a bold promise to investors that the Detroit-based automaker will make money selling electric cars by 2021.
Ford’s head of global markets Jim Farley said on Sunday the automaker’s investment in full electric and hybrid vehicles would effectively double from the levels previously planned.
The added investment reflects the costs of building a dedicated electric vehicle platform, and development of 40 electric and hybrid models, of which 16 will be battery electric models, Farley said.
Farley said Ford will bring a high performance electric utility vehicle to market by 2020. The company will begin production of a hybrid version of its popular F-150 truck at plant in Dearborn, Michigan, in 2020.