Ford Motor Co. (NYSE: F) announced plans to raise their investments in electric vehicles to $11 billon by 2022 while also launching 40 hybrid electric vehicles to their model lineup. Previously, the automaker had a target of only $4.5 billion by 2020 which includes the costs of developing the electric vehicles. Plans to also cut $14 billion in costs over the next five years is also to occur while also shifting capital investment away from sedans and internal combustion engines to develop more electric and hybrid cars as well as more trucks. The company is to introduce 16 of the 40 vehicles that will be fully electric while the rest to be plug in hybrids.
Other automakers such as General Motors Co., Volkswagen AG, and Toyota Motor Corp. have already outlined plans to expand their electric vehicle offerings and target consumers with likes of the luxury, performance, and SUV body styles.
Ford’s electric vehicle plans have been in talks for more than 6 months and was finalized recently. Some of the automobiles will be targeted towards the Chinese market as plans to cut out vehicles powered by combustion engines and fossil fuels in that country will be expected to be completed between 2030 and 2040.