Ford goes 'all in' on electric cars with $11 billion investment

Posted January 16, 2018

Ford is working on an electric SUV due in 2020, and at a preview event on Sunday for this week's 2018 North American International Auto Show the automaker slip that the vehicle might be called the Mach 1.

The funding pledge is more than double the $4.5bn the company said it would invest between 2015 and 2020 on bringing new electric vehicles (EVs) to market. "We're starting to telegraph where we're going to play in electrified business around the world, and that is to electrify iconic nameplates, and it's going to be higher transaction-price vehicles".

Of the 40 electrified vehicles Ford plans for its global lineup by 2022, 16 will be fully electric and the rest will be plug-in hybrids, executives said.

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Volkswagen said in November that it plans to spend $40 billion on electric cars, autonomous driving by the end of 2022.

"This $11 billion you're seeing, that means we're all in now", said Bill Ford on Sunday.

Beyond that, the compact electric utility vehicle is expected to offer 300 miles of range.

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Toyota is racing to commercialize a breakthrough battery technology during the first half of the 2020s with the potential to cut the cost of making electric cars. This was confirmed by Ford Chairman Bill Ford at the Detroit Auto Show.

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

After the pioneer of electric vehicles Tesla outperformed Ford past year at market value, the second-largest carmaker in the United States changed the then CEO Mark Fields. In October, Ford disclosed it had formed a team to accelerate global development of electric vehicles, whose mission is to "think big" and "make quicker decisions".

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"We believe man-made Carbon dioxide is contributing to climate change and we've got our part to play", he said. Ford was planning to sign such a deal as it overhauls its China strategy to stimulate growth.