Ford will increase its investment in electric vehicles to $11 billion, having committed to offering 40 hybrid or full EVs by 2022.
The announcement, made this week at the North American International Auto Show in Detroit, strengthens the American automaker’s commitment to EVs, having initially pledged $4.5 billion in investment by 2020.
Chairman Bill Ford said: “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.”
The shift to EV technology comes after Ford CEO Jim Hackett announced in October a $14 billion reduction in costs over the next five years and shift away from internal combustion engines to develop more trucks and electric and hybrid cars.
Of the 40 electrified vehicles Ford plans for its lineup, 16 will be fully electric and the rest will be plug-in hybrids, executives said.
The continuing shift comes after the UK, China, France and India all confirmed plans to phase out ICE vehicles between 2030 and 2040.
Formula E on Ford’s Radar
As it transitions to EVs for the road, Ford is understood to be taking a closer look at a potential future entry into the ABB FIA Formula E Championship.
It’s understood a more detailed evaluation could be made this year, amid questions over its future involvement in the FIA World Endurance Championship.
Multiple sources have indicated that its factory Ford GT program will not continue beyond 2019.
Formula E founder and CEO Alejandro Agag has previously made no secret of his desire to have an American manufacturer in the all-electric series.
“We definitely want a U.S. or Japanese manufacturer in the championship in the near future,” he told e-racing365 in October.
“For us it is a priority as these are two markets which we know have racing passion and are strong on EV tech.”
Nissan firmed up plans in late October to enter Formula E in 2018/19, taking over the manufacturer slot currently held by Renault.