Ford is reconceptualizing its vehicle line up as well as the future business strategy, say officials of the US car making company while announcing that it is set to unveil later this year its first long-range electric vehicle.

In its more than 100 year history, Ford is undergoing the most dramatic transformation as the company now shifts focus from developing and selling passenger cars and concentrating on development of SUVs and crossover vehicles as well as in the development of self-driving technologies and vehicles. The company is also trying to establish itself into a provider of mobility services in addition to being a conventional automaker.

Last year, the company increased its planned capital expenditure on the technology from $4.5 billion by 2020 to $11 billion by 2022 as it strives to design and develop 40 new models of all-electric and hybrid vehicles. Next this year, the company is scheduled to launch two EVs – a “Mustang-inspired” electric crossover vehicle and a fully-electric F-150 pickup vehicle.

“When there’s new technologies, it takes a while, and there’s a tipping point,” said Ford CEO Jim Hackett talking to investors at the annual shareholder meeting this Thursday. “When it happens, you want to be there,” he said.

However the he has to offer some points of confidence to investors. Despite increasing by over 35% so far this year, the stock price of the company is still almost 8% lower than it was about a year ago. The company has also only managed to generate modest sale for its first-generation EVs, like the Ford Focus Electric. More buyers will plug in to the EVs, Hackett assured investors. According to company data, purchasing an electric vehicle at some point in time would be considered by one in five younger customers.

Ford was quick initially to latch on to the rising demand for electric vehicles as it launched a mix of conventional hybrids, plug-in hybrids and first-generation battery-electric vehicles which included the likes of Focus Electric. But demand was muted because a host of factors that included limited model range and high sticker prices. There was some degree of skepticism among the company before it decided to step on the gas paddle for EVs. The company has made major new announcements and capital commitments to towards electrification, autonomous driving and mobility services efforts under the leadership of its new CEO. That included the already noticed “Mustang-inspired” crossover vehicle.

The vision of what that model would look like is being speculated because of limited details on it provided by Ford and a cult like following for the Mustang.

“There’s a lot of intrigue around this product,” said Hackett, adding that, “we’re going to be telling our community more about it, but it is going to be a great story about Ford.”

He however did not provide much details of about the new car.

“What we’ve done is reconceptualized [vehicle design] with all of the extra space that you actually retrieve using battery-electrics into a very, very unique vehicle that takes advantage of some inspiration from our Mustang brand,” Hackett said.

(Adapted from CNBC.com)