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Ford plans to invest 11 billion United States dollars in development of electric cars

Ford plans to invest 11 billion United States dollars in development of electric cars

The company has already pledged a whopping $11 billion towards the initiative, which will go towards the development of both the Mach 1 mentioned here, an autonomous electric ride-sharing vehicle, and a few others. The vehicle manufacturer has announced that it's significantly increasing its planned investment into electric cars.

Ford had previously said that it wanted to invest $4.5 billion into its electric vehicle ambitions by 2020.

The American auto giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models.

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

Now the American automaker wants to accelerate its electric vehicle effort with several more vehicles in their lineup over the next 4 years. It's going to invest $11 billion by 2022 and will offer 40 hybrid and fully electric cars in its lineup. Speaking to Jalopnik, Ford Executive Vice President Raj Nair confirmed that the Mach 1 will not be based on the Mustang, and will instead be built on a unique platform since it will be battery electric. On Sunday evening, Daimler AG unveiled its new G-class SUV, a bulky off roader, in an abandoned movie theater in downtown Detroit once used as a set for the movie "8 Mile".

Since then, however, Ford has becoming increasingly focused on electric and smart vehicles.

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.

"We believe man-made Carbon dioxide is contributing to climate change and we've got our part to play", he said. One avenue under consideration was the sale of Ford cars on Tmall.

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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