USA 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 planned investment significantly exceeds the firm's previous target of investing $4.5 billion (£3.3bn) by 2020 and marks a shift in capital investment away from family cars with internal combustion engines to developing more trucks and low carbon vehicles.
Unlike other companies, Ford wants to build on customer loyalty for established best sellers rather than try to market new brands that happen to be electric because it will speed up customer acceptance, Ford said.More news: Pirates send McCutchen to Giants
Ford chief executive Jim Hackett told investors in October the plans are to slash $14 billion in costs over the next five years. The rumours have a different opinion as they don't think that teaser is referring to the "MuSTang".
"We're going to electrify even our most iconic vehicles", he said at Cobo Center.
With reduced battery costs and increased regulatory requirements worldwide for internal combustion engines, the auto manufacturers are stepping up their investments on wholly electric models.More news: Queen Elizabeth Says Wearing A Crown Has One Significant Downside
Ford is planning to add 40 electrified cars to its global lineup by 2022 and 16 of those will be fully electric while the rest will be plug-in hybrids. So, which Ford auto is next to get the ST treatment?
Less than 24 hours ago, a teaser video of a future product got uploaded on Ford USA's Facebook page and it hints on the release of a brand new ST.
Ford has committed to investing $11 billion (£8bn) in electric vehicles (EVs) by 2022.More news: Hamas tunnel was built to blow up main humanitarian crossing to Gaza
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