Ford Motor Company will increase its planned investments in electric vehicles to $11 billion by 2022, which is more than double its previous commitment. It will have 40 hybrid and fully electric vehicles in its model lineup, Chairman Bill Ford said on Sunday at the Detroit auto show. Ford's engineering, research and development expenses for 2016 were $7.3 billion.
According the announcement, 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. "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them. If we want to be successful with electrification, we have to do it with vehicles that are already popular," Ford officials said on Detroit.
Ford at the Auto Show in Detroit
Jim Farley, executive vice president and president of Ford global markets, said the issue of electrification is about social responsibility. Ford's shift to the electric vehicle strategy has been more than six months in the making after Hackett replaced former Chief Executive Mark Fields in May. After, the car maker formed a team to accelerate global development of electric vehicles. Part of the number of electric vehicles will be produced with Ford's JV in China aimed at the Chinese market. During the first big media event at the North American International Auto Show, Ford officials discussed a Ford F-150 hybrid and a Mach 1 fully electric “performance” vehicle for 2020.