Ford Motors to boost investment in electric and hybrid cars

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FSMNews

Ford said it will invest $11 billion to create 40 new electric and hybrid vehicles that will be available by 2022.

The planned investment significantly exceeds the firm's previous target of investing $4.5 billion (£3.3bn) by 2020 and marks a shift in capital investment away from family cars with internal combustion engines to developing more trucks and low carbon vehicles. "The only question is, will the customer be there with us?"

"This $11 billion you're seeing, that means we're all in now", said Bill Ford on Sunday. Now it looks as if the Mach 1 will represent Ford's assault on the Tesla Model X in 2020 as part of Ford's plan of "electrifying the iconic nameplates". Ford has been increasingly interested in electric and smart vehicles, so much so that last May, the company replaced chief executive officer Mark Fields with Jim Hackett, who was previously in charge of its self-driving auto subsidiary Ford Smart Mobility.

Mr. Ford said the company plans on delivering 16 fully electric and 24 plug-in hybrid vehicles to the public over the next five years. "We want to make a statement about the company". One avenue under consideration was the sale of Ford cars on Tmall.

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The new investment in electric cars is being welcomed by states worldwide, with China, the United Kingdom and France having all announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.

Ford officials spoke after the company's big product launches of the, and.

Ford's additional investment in electric cars contrasted with numerous vehicle launches at the Detroit show featuring trucks and SUVs.

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