with Agency reports
16 January 2018, Sweetcrude, Lagos — Ford Motor Company has said it will increase investment in electric cars to $11 billion by 2022, double its previous commitment of $4.5 billion by 2020.
According to the Chairman Bill Ford on Sunday at the Detroit auto show, the firm will have 40 hybrid and fully electric vehicles in store by the set date.
The $11 billion includes costs of developing dedicated electric vehicle architectures.
Ford’s engineering research and development budget for 2016 which was the last released, were $7.3 billion from $6.7 billion in 2015.
Of the 40 electrified vehicles Ford plans for its global lineup by 2022, 16 will be fully electric and the rest will be plug-in hybrids, executives said.
“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.”