Ford investment in electric cars by 2022
Ford is planning to radically boost its investment in electric vehicles to $11bn in the next five years which is more than doubling a previous commitment.
The Chairman of the historic manufacturer, Bill Ford said the car manufacturer would have 40 hybrid and fully electric vehicles in its range by 2022, which is only four years away.
This is coming at a time when countries across the world are putting on more pressure on car makers to rein in carbon emissions on combustion vehicle engines.
General Motors, Toyota and Volkswagen have already committed to ambitious plans to offer more electric vehicles into the global market.
Bill Ford was speaking at the Detroit Auto Show on Sunday and he said their focus would be on electrifying the existing Ford models without naming any specific cars.
Ford, he said, would offer 16 fully electric vehicles by 2022 and 24 plug-in hybrids. He told reporters:
“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.”
A senior automotive analyst at IHS Markit, Stephanie Brinley, said it was part of a bigger trend of car makers investing in electrification.
“Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving.
“The big question is how quickly consumers will adapt, as electric is only 1% of the market right now.
“Changing that will take better infrastructure on our roads, but also having more electric vehicles available.”
The trend towards autonomous electric vehicles is gaining momentum around the world. General Motors, which is America’s biggest carmaker said it would add 20 new battery electric and fuel cell vehicles to its range by 2023.
Back in November, Volkswagen said it would spend $40bn on electric cars, autonomous driving and new mobility services by the end of 2022, which they say would double their previous commitment.
They have pledged to invest another $11bn dollars, which is much higher than a previously announced target of $4.5bn by 2020.
During the Detroit show, Ford teased the release of its first performance electric vehicle – the Mach 1 – without giving any details about how it would look or its spec.
Ford, meanwhile has announced an upgraded Mustang Bullitt sports car inspired by a version of the vehicle made back in the 1960s and 70s. That too will be released in 2020.
Along with that, a more fuel-efficient version of its Ranger pick-up truck will be released in 2019. The SUV will have a 2.3-litre EcoBoost engine, 10-speed auto transmission and automatic emergency braking.