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Ford Will Invest $11 Billion In Electric Cars By 2022
16 January 2018, 01:13 | Ruby West
Ford Motor Co. says it's doubling its investment in electric and hybrid vehicles and plans to introduce 40 by 2022. | AP file
He formed a new internal team, called "Team Edison", to oversee electric auto programs and he shifted one-third of internal combustion engine investments to electric cars, but the company is still investing more in the former than the latter.
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.
Last October, Jim Hackett, Ford's Chief Executive, informed the company's shareholders that it planned to cut back $14 billion over the next 5 years and that the company's investments would shift from sedans and internal combustion engines to increase the manufacturing of more trucks, and electric and hybrid cars.
However, $11 billion will get the company much further.
To this end, the company has formed a special team to accelerate its mission to harvest the global development of electric vehicles.
"This $11 billion you're seeing, that means we're all in now".
The decision to develop a performance SUV first was partly down to a new division within Ford called Team Edison - a team of around 200 people established three months ago tasked with creating and developing Ford's autonomous and electric vehicles. The rumours have a different opinion as they don't think that teaser is referring to the "MuSTang".
The new hybrid range will be part of Ford's global electrification strategy, which will see "13 new global electrified vehicles" come ton market in the next five years.
Speaking at the Detroit motor show, Ford has joined a growing number of vehicle manufacturers who have determined to reduce their carbon footprint.
"Tesla faces real competition", said Mike Jackson, chief executive of AutoNation Inc, the largest US auto retailing chain. "There's no doubt that we've entered this period of disruption, you all know that".
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