Ford increases investment in electrification to $11 bn

16 January, 2018, 01:10 | Author: Gladys Mathis
  • Investments in electrified vehicles announced to date include at least $19 billion by automakers in the United States $21 billion in China and $52 billion in Germany

Ford (F) has said before that it plans to greatly reduce the amount it spends on traditional internal combustion cars so that it can shift more money toward electric cars and autonomous technologies.

With reduced battery costs and increased regulatory requirements worldwide for internal combustion engines, the vehicle manufacturers are stepping up their investments on wholly electric models.

Ford originally said that roughly $4.5 billion would be spent in the future on developing electric vehicles (EVs) and eco-friendly models which are not wholly reliant on fossil fuels - and this investment would have included the development of EV architectures.

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

At the Detroit auto show on Sunday, Ford Chairman Bill Ford said the company also plans to offer at least 40 hybrid and all-electric vehicles to consumers in the same year. By the end of 2015, the concern said it would invest 4.5 billion Dollars by the end of the decade, but now raises the investment and targets.

For now, Nissan Motor Co Ltd's 7-year-old Leaf remains the world's top-selling electric vehicle and the company's sole battery-only auto - an offering soon to be swamped by new rivals bringing tougher competition that could add pressure to pricing.

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Ford has been lagging behind in all-electric vehicle programs since its first vehicle created to be electric from the ground up is only planned for 2020.

Mr Ford told reporters: "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them". "The only question is will the customers be there with us and we think they will".

From the total 40 models, 16 are planned to be fully electric and the rest plug-in hybrids.

"Ford will prepare for disruption by becoming fit", the executive said.

"We're starting to telegraph where we're going to play in the electrified business around the world", he said. A Ford Explorer features in the teaser announcement video, but it hasn't been confirmed that this is what the electrified Mach 1 will be based on.

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