Ford will significantly increase its planned investments in electric vehicles to $11 billion by 2022 and have 40 electrified vehicles in its model lineup, the company announced Sunday at the Detroit Auto Show.
The investment figure is sharply higher than a previously announced target of $4.5 billion investment in electrification until 2020, Ford executives said, and includes the costs of developing dedicated electric vehicle architectures.
Of the 40 electrified vehicles Ford plans for its global lineup by 2022, 16 will be fully electric and 24 hybrid and plug-in hybrid models. The company currently offers just one all-electric car, the Focus electric, the Fusion and C-MAX hybrids and plug-in hybrids, and the Lincoln MKZ hybrid, for a total of six electrified vehicles.
“What we learned from this first cycle of electrification is people want really nice products.”
“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” Ford told reporters. “If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
Ford also said that it would begin building a hybrid version of its popular F-150 pickup by 2020. It hinted at a fully electric car to come in that same year, but did not provide specifics.