Ford Will Invest $11 Billion In Electric Cars By 2022

Jim Farley president of Global Markets Ford Motor Company speaks at CES in Las Vegas Nevada

USA auto giant Ford will massively increase investments in electric vehicles and roll out 40 hybrid and electric vehicles by 2022, executive chairman Bill Ford said Sunday at the 2018 North American International Auto Show here.

Ford had previously said that it wanted to invest $4.5 billion into its electric auto ambitions by 2020.

This will be a huge increase from the $4.5 billion the automaker announced it would invest by 2020 in December 2015.

Ford's new CEO, Jim Hackett, has been working on a new electrification plan since being appointed past year.

"We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them". Ford has been increasingly interested in electric and smart vehicles, so much so that last May, the company replaced chief executive officer Mark Fields with Jim Hackett, who was previously in charge of its self-driving auto subsidiary Ford Smart Mobility.

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Of the 40 EVs planned for Ford's global line-up, 16 will be fully electric and the rest will be plug-in hybrids. "We want to make a statement about the company". He also added that this investment includes costs of developing dedicated electric vehicle architectures.

Raj Nair, head of Ford's North American operations, said the vehicle company expects fuel economy and pollution standards to get more strict, "and rightfully so", he said.

Less than 24 hours ago, a teaser video of a future product got uploaded on Ford USA's Facebook page and it hints on the release of a brand new ST.

He asked the capacity crowd at the end of the Ford presentation: "Can a battery electric vehicle stir the soul?"

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