In the next five years, investments of over $11 billion would be made by Ford in electric vehicles. This would be more than double of the investment that the company had announced earlier, Ford said.
By 2022, there would be 40 hybrid and fully electric vehicles in its repertoire of electric vehicles, said Chairman Bill Ford.
There is rising pressure on car makers by countries all across the world to reduce carbon emissions and this announcement comes amidst such a business environment.
A greater range of electric cars would be offered by auto makers General Motors, Toyota and Volkswagen. Their plans have already been made public.
electrifying existing Ford models would be the priority of the company, said Mr Ford while speaking at the Detroit Auto Show on Sunday. He however did not name any specific cars. 24 plug-in hybrids and 16 fully electric vehicles would be offered by the company by 2022, he said.
Mr Ford told reporters: “We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them.
“If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
There is a rising trend among automakers to invest in electrification of their cars, said Stephanie Brinley, a senior automotive analyst at IHS Marki.
“Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving.
“The big question is how quickly consumers will adapt, as electric is only 1% of the market right now.
“Changing that will take better infrastructure on our roads, but also having more electric vehicles available.”
20 new battery electric and fuel cell vehicles would be added to its offer of electric vehicles by 2023 by America’s biggest carmaker GM, the company had announced last year.
The previous commitment of investments in electric cars, autonomous driving and new mobility services was announced to be doubled by 2022 by Volkswagen, the automaker had said in November.
The new chief executive Jim Hackett of Ford has spearheaded the enhancement of its earlier commitment of investing $4.5 billion by 2020 to around $11 billion investment pledge.
Mach 1, the first of the performance electric vehicle of Ford was released and teased during the Detroit show. the company however did not give any details about how it would look or its spec.
A Mustang sports car that was popular in 1960s and 1970s, of the same name would be the inspiration of the SUV and it is being planned to be released in 2020.
(Adapted from BBC.com)