 is planning to invest $11 billion in electric vehicles by 2022 and include 40 hybrid and fully electric cars in its new model){kind=link}
Ford Motor Co (NYSE: F) is planning to invest $11 billion in electric vehicles by 2022 and include 40 hybrid and fully electric cars in its new model lineup.
The company’s chairman, Bill Ford, announced the plans at the Detroit auto show. The new investment figure is much higher than the previous $4.5 billion the company said they would invest by 2020.
“This $11 billion you’re seeing, that means we’re all in now,” said Bill Ford on Sunday. “The only question is will the customers be there with us and we think they will.”
As battery prices rapidly decrease and regulators starting to crack down on the internal combustion engine, car companies are capitalising on electric vehicle models.
Raj Nair, head of Ford’s North American operations, said the car company expects fuel economy and pollution standards to get more strict, “and rightfully so,” he said.
“We believe man-made CO2 is contributing to climate change and we’ve got our part to play,” he added.
General Motors Co (NYSE: GM), Toyota Motor Corp (TYO: 7203) and Volkswagen AG (ETR: VOW3) are investing more time and money into expanding their electric vehicle offerings.
Toyota said in December they hope to launch 10 new BEVs worldwide by “the early 2020s” and to have electric options throughout its entire lineup of cars by 2025.
Volkswagen said in November that it plans to spend $40 billion on electric cars, autonomous driving by the end of 2022.
The new investment in electric cars is being welcomed by states worldwide, with China, the UK and France having all announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.
Ford’s team working on the new electric vehicles have declared their missions are to “think big” and “make quicker decisions” in the coming years.