Ford Increases Electric Vehicle Spending To $11 Bln By 2022

"If we want to be successful with electrification, we have to do it with vehicles that are already popular", Bill Ford said.

"This $11 billion you're seeing, that means we're all in now", Executive Chairman Bill Ford told reporters in Detroit.

The company previously committed $4.5 billion in spending on electrified products by 2020 and said in October it would divert an additional $500 million from conventional products-including gasoline-powered products-over a five-year span.

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Ford is planning to add 40 electrified cars to its global lineup by 2022 and 16 of those will be fully electric while the rest will be plug-in hybrids.

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. His deputy James Hackett vowed to cut costs and eliminate some of the cars in the series to redirect the company's future to pickup, SUV and electric vehicles.

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Ford (F) has said before that it plans to greatly reduce the amount it spends on traditional internal combustion cars so that it can shift more money toward electric cars and autonomous technologies.

Ford expects fuel economy and pollution standards to become tighter. "There's no doubt that we've entered this period of disruption, you all know that". In addition to this, the company has also pledged to have at least 40 hybrid or fully electric cars in their range. Only one new model was named yesterday, with executives confirming it will launch a battery electric SUV called the Mach 1 in 2020.

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