It´s all or nothing at Ford when investing in the electric vehicle market.
Ford Motor Company announced a powerful investment that could set them at the fore-front of the electric vehicle market.
On Sunday, at the North American International Auto Show in Detroit, the auto giant stated it would increase to $11 billion its investment in the production of electric vehicles between now and 2022.
According to Forbes, Ford will introduce 16 battery-electric cars and 24 hybrids or plug-in hybrids around the world in the next few years. The first one could appear in 2020.
This plan contrasts to the Mark Fields announcement in January 2017 unveiling the ambitious plan to spend $4.5 billion over five years in the development of 13 cars with self-driving capabilities.
Now, after Jim Hackett replaced Fields as CEO in May 2017, plans are to divert money away from slow-selling passenger cars and use the money saved from its decision to shift production of its Focus small car to China, as well as electrifying many of its most popular vehicles, including commercial vans and its Mustang coupe.
Ford‘s bet for the (automated-electric-automotive) future
Executives of the auto company are seeking more charging stations, electric over gasoline models with longer range and lower prices to compete against rival General Motors who has enjoyed a rise in stock price seen its stock prices rise thanks to electrification and autonomy.
The online website of technology, science, art, and culture news called The Verge reported GM aims for at least 20 electric cars by 2023.
Daimler AG, the parent company of Mercedes-Benz, said it will produce electrified versions of all its models by 2022.
Double the promise
Ford is doubling its promise, and it does so right after it set up a group of employees to study vehicle electrification.
The objective to not only fuel electric production but use electrification to make popular vehicles even better has the America company on heavy duty to make up for lost ground and reign again.