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Ford will invest $11bn in electric vehicles by 2022

16 January, 2018, 01:10 | Author: Melinda Barton
  • 2019 Ford Mustang Bullitt

Daimler has said it will spend at least $11.7 billion to introduce 10 pure electric and 40 hybrid models, and that it intends to electrify its full range of vehicles, from minicompact commuters to heavy-duty trucks.

In recent years we have seen many major auto manufacturers turn their eye to electric vehicles.

But U.S. and German auto executives said in interviews on the sidelines of the Detroit auto show that the bulk of those investments are earmarked for China, where the government has enacted escalating electric-vehicle quotas starting in 2019. By the end of 2015, the concern said it would invest 4.5 billion Dollars by the end of the decade, but now raises the investment and targets.

Mr Ford told reporters: "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them".

Ford has said that the focus will be on creating electric versions of now existing models, although did not rule out new models on the way.

Ford's new CEO, Jim Hackett, has been working on a new electrification plan since being appointed a year ago. The rumours have a different opinion as they don't think that teaser is referring to the "MuSTang".

To this end, the company has formed a special team to accelerate its mission to harvest the global development of electric vehicles.

Of the planned 40 electric models, 16 will be entirely electric.

After the pioneer of electric vehicles Tesla outperformed Ford a year ago at market value, the second-largest carmaker in the United States changed the then CEO Mark Fields. However, he also said that "a Mustang-inspired crossover is certainly something you can expect to come out of Team Edison" in the future.

In Detroit on Monday, Fiat Chrysler Automobiles NV Chief Executive Sergio Marchionne said it did not make sense to announce a specific number of new electric vehicles - and he said the company was not under pressure, but working to meet emissions requirements.

Ford's original plan was to launch an all-electric SUV in 2020, but in order to stand out on the market and create something unique the brand has changed tact and made a decision to launch it as a performance model.


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