Ford plans $11 billion investment in electric vehicles by 2022

US auto giant Ford will massively increase investments in electric vehicles and roll out 40 hybrid and electric vehicles by 2022, executive chairman Bill Ford said Sunday at the 2018 North American International Auto Show here.

The funding pledge is more than double the $4.5bn the company said it would invest between 2015 and 2020 on bringing new electric vehicles (EVs) to market. The company now offers just one fully electric vehicle.

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

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

Of the 40 electrified models planned, 16 will be battery-only vehicles.

Toyota is racing to commercialize a breakthrough battery technology during the first half of the 2020s with the potential to cut the cost of making electric cars.

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The company's chairman, Bill Ford, announced the plans at the Detroit auto show. On Sunday evening, Daimler AG unveiled its new G-class SUV, a bulky off roader, in an abandoned movie theater in downtown Detroit once used as a set for the movie "8 Mile".

"We're starting to telegraph where we're going to play in the electrified business around the world", he said.

In other green-car news from Sunday's truck-heavy event was a 2020 arrival date for the Ford F-150 Hybrid full-size pickup truck, slightly later than promised by then-CEO Fields a year ago.

Ford's team working on the new electric vehicles have declared their missions are to "think big" and "make quicker decisions" in the coming years.

Last October Ford formed "Team Edison" to "own the strategy, own the planning, and interface into the trend" of EV development and production.

No performance details on the Mach1 have been issued so far but the vehicle will use lithium-ion battery technology, while production will take place at one of Ford's facilities in Mexico rather than the U.S., bosses said.

  • Toni Ryan