Ford to invest $11bn in electric vehicles

Ford's Bringing Back The Mach 1 As An Electric Performance SUV

The company has already pledged a whopping $11 billion towards the initiative, which will go towards the development of both the Mach 1 mentioned here, an autonomous electric ride-sharing vehicle, and a few others.

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.

By 2022, the concern should have a total of 40 models that will be either fully electric or hybrid.

Chairman Bill Ford said the auto maker would have 40 hybrid and fully electric vehicles in its range by 2022. Much of the investment will be made in China, where GM's Cadillac brand will help spearhead the company's more aggressive move into electric vehicles, according to Cadillac President Johan de Nysschen.

"This $11 billion you're seeing, that means we're all in now".

"Ford will prepare for disruption by becoming fit", the executive said. 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. "The only question is, will the customers be there with us?"

Speaking at Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars.

The largest single investment is coming from Volkswagen AG, which plans to spend $40 billion by 2030 to build electrified versions of its 300-plus global models. "If we want to be successful with electrification, we have to do it with vehicles that are already popular". We will update you once we get an official answer on the matter.

Reports suggested the company has been working on a new EV strategy for around six months.

Ford said it plans to start selling an all-electric high-performance SUV in 2020 called the Mach 1.

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