Ford Increases Electric Vehicle Spending To $11 Bln By 2022

Ford Increases Electric Vehicle Spending To $11 Bln By 2022

Auto giant Ford has unveiled plans to invest $11bn through to 2022 in a bid to bring 40 new electrified vehicles to market, more than doubling its planned investment in low carbon vehicle development. The new investment figure is much higher than the previous $4.5 billion the company said they would invest by 2020.

"This $11 billion you're seeing, that means we're all-in now", Executive Chairman Bill Ford told reporters in Detroit.

It comes as countries around the world put more pressure on vehicle makers to rein in carbon emissions. By 2022, the concern should have a total of 40 models that will be either fully electric or hybrid.

Tesla Inc (TSLA.O)'s success in creating electric sedans and SUVs that inspire would-be owners to line up outside showrooms and flood the company with orders.

With battery costs declining rapidly and regulators around the globe cracking down on the internal combustion engine, automakers have been rushing to step up their game with regards to all-electric models.

Ford will shell out $11 billion on new electric technologies.

GM Chief Executive Mary Barra has promised investors the Detroit automaker will make money selling electric cars by 2021. General Motors, Toyota and Volkswagen have already outlined ambitious plans to offer more electric vehicles.

SUVs figured in Ford's electric vehicle presentation.

Ford Motor Co. will more than double spending on electrified vehicles, amplifying its investment in a segment that still comprises a fraction of the auto market.

The plan was finalized in recent months after an extensive review, a person familiar with the process said.

Last October Ford formed "Team Edison" to "own the strategy, own the planning, and interface into the trend" of EV development and production.

"Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving".

China, India, France and the United Kingdom all have announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.

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