Ford Motor Co is increasing its investments in electric vehicles to $11 billion by 2022. It also plans to have 40 hybrid and fully electric vehicles by 2022, according to Ford’s Chairman Bill Ford.
The investment figure is significantly more than the previous announced investments of $4.5 billion by 2020. According to Chief Executive Jim Hackett, Ford will cut up to $14 billion in costs over the next five years, and move its focus from sedans to more trucks and electric and hybrid vehicles.
“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.â€
Other carmakers like General Motors, Toyota and Volkswagen have already announced their huge investment plans to focus on electric vehicles. Ford’s latest shift to electric vehicles has been more than six month in the making after Hackett replaced former Chief Executive Mark Fields in May.
China, India, France and the UK have announced plans to phase out fuel-powered vehicles between 2030 to 2040.
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