Jan. 16, 2018—Ford plans to increase its investment in electrification to $11 billion by 2022, executive chairman Bill Ford Jr. said Sunday at the Detroit Auto Show, and the Associated Press reported.
The company previously announced it would spend $4.5 billion by 2020.
“We’re going to electrify even our most iconic vehicles,” he said at Cobo Center. “The only question is, will the customer be there with us?”
During the first big media event at the North American International Auto Show, Ford officials discussed a Ford F-150 hybrid and a Mach 1 fully electric “performance” vehicle for 2020. While the Mach 1 has been a featured muscle car in action films, the Ford team indicated a new Mach 1 could be released as an SUV.
Raj Nair, president of Ford North America, explained that the manufacturing team is working to develop 16 fully battery electric vehicles by 2022 and 24 hybrid and plug-in vehicles—for a total of 40 electrified vehicles.