Ford Will Invest $11 Billion In Electric Cars By 2022
- Author: Joey Payne Jan 16, 2018,
Jan 16, 2018, 0:51
Speaking at Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars.
Auto giant Ford has unveiled plans to invest $11bn through to 2022 in a bid to bring 40 new electrified vehicles to market, more than doubling its planned investment in low carbon vehicle development.
So far, the name is just about all we know about that vehicle.
At the same time as announcing the Mach1, Ford also confirmed it had doubled its investment in electric vehicles to $11 billion (approx £8 billion) up to 2022.
Ford made the revelation in a teaser video, which indicates the automaker is going the performance route for its electric SUV, much the same way Tesla did with its initial batch of EVs.
GM said a year ago it would add 20 new battery electric and fuel cell vehicles to its global lineup by 2023, financed by robust profits from traditional internal combustion engine vehicles in the United States and China.
Of the 40 electrified models planned, 16 will be battery-only vehicles.
The Ford Focus Electric remains the same basic compliance vehicle launched for the 2012 model year, with only a boost in battery capacity last year to bring it to 114 miles of range. "What that means is that when you come out with a new product it better be ahead of anything that's on the market", he added.
It plans to begin production of a hybrid version of its F-150 truck at a plant in Dearborn, Michigan, in 2020.
No performance details on the Mach1 have been issued so far but the vehicle will use lithium-ion battery technology, while production will take place at one of Ford's facilities in Mexico rather than the USA, bosses said.
American automobiles manufacturer Ford Motor will increase more than twice its costs for electric vehicles by boosting its investment in a segment that the automotive industry believes will grow significantly.