Ford Motor Co. (NYSE: F) plans to produce hybrid versions of its classic Mustang and F-150 brands. The company plans to have green versions of the two classic brands within the next five years. The automaker has planned to invest $4.5 billion in electrification by 2020. Within the next few years the company plans to introduce a compact, fully electric SUV, a large autonomous vehicle for commercial riding and two hybrid police vehicles as well as a Hybrid Transit Custom Van.
“Our investments and expanding lineup reflect our view that global offerings of electrified vehicles will exceed gasoline-powered vehicles within the next 15 years,” Mark Fields, Ford CEO said in a statement.
The company also announced that it will cancel production of a $1.6 billion plant in Mexico and invest $700 million in Flat Rock, Michigan. Details are that 700 jobs will be created to produce electrified vehicles as well as the Lincoln Continental and Ford Mustang.
The auto giant also claimed that its piloting wireless technology will make recharging an electric vehicle “as easy as pulling into a parking spot.”