It is reported that Ford Motor Co will considerably increase its planned investments in electric vehicles to $11 billion by 2022. Furthermore, the company has 40 hybrid and fully electric vehicles in its model lineup. This news was announced by the Chairman, Bill Ford on Sunday at the Detroit auto show. The investment figure is significantly higher than an announcement previously made by the officials. The previous target of $4.5 billion by 2020, includes the costs of developing dedicated electric vehicle architectures. Out of the 40 electrified vehicles planned in its global lineup by 2022, the automotive giant says 16 will be fully electric and the others will be plug-in hybrids.
Plans to Develop More Electric Vehicles
Ford Chief Executive Jim Hackett told investors in October that the company would invest about $14 billion in costs over the next five years and shift capital investment away from sedans and internal combustion engines to produce more trucks and electric and hybrid cars. Ford’s engineering, research, and development expenses for 2016, the last full year available, were $7.3 billion, up from $6.7 billion in 2015.
GM said last year it would add 20 new battery electric and fuel cell vehicles to its global lineup by 2023, financed by the profits made from traditional internal combustion engine vehicles in the United States and China.
GM Chief Executive Mary Barra has promised investors that the automaker will make money selling electric cars by 2021.