Ford to invest $11bn and have 40 hybrid and fully electric vehicles by 2022

The planned investment is significantly higher than the previously announced target of $4.5bn by 2020

Jim Hackett, President and CEO of Ford Motor Company

Ford Motor Co will significantly increase its planned investments in electric vehicles to $11bn by 2022 and have 40 hybrid and fully electric vehicles in its model line-up, the company’s chairman, Bill Ford, said on Sunday at the Detroit auto show.

The investment figure is sharply higher than a previously announced target of $4.5bn by 2020, Ford executives said, and includes the costs of developing dedicated electric vehicle architectures.

 

Ford chief Jim Hackett told investors in October the carmaker would slash $14bn in costs over the next five years and shift capital investment away from sedans and internal combustion engines to develop more trucks and electric and hybrid cars.

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