Ford will increase investment in electric vehicles? The new investment amount is more than double

Competition among automakers is heating up. It is reported that Ford plans to further increase the scale of electric vehicle investment, which is expected to reach 4.5 billion U.S. dollars in 2020, and the new investment will be more than doubled.

On January 15th, according to foreign media reports, Ford Motor Company Chairman Bill Ford said at the Detroit Auto Show on Sunday (14th) that the company will significantly increase its investment in the electric vehicle field. It is expected to reach 11 billion US dollars in 2022. Previously, Ford had developed an electric vehicle investment plan, hoping to reach $4.5 billion by 2020, and the new investment quota is more than double the previous target.

Ford will increase investment in electric vehicles? The new investment amount is more than double

Ford's investment will be used to develop and manufacture all-electric and plug-in hybrid vehicles. The company said: "We have always done this, and we are electrifying our mainstream cars and the most iconic cars. ”

As US consumers are turning to traditional fuel pickups and SUVs, competition among automakers is heating up, hoping to bring electric vehicles to market.

Detroit automaker General Motors has announced plans to add 20 new battery electric and fuel cell vehicles to its global product line by 2023. The plan will be funded by strong profits from its sales of traditional internal combustion engine vehicles in the US and China. GM CEO Mary Barra made a bold commitment to investors: by 2021, the company will make a profit by selling electric cars.

Ford Global Markets Director Jim Farley said on Sunday that the company's investment in all-electric and hybrid vehicles will double in its original plan. He said that increased investment indicates that Ford is determined to build a dedicated electric vehicle platform. The company will launch 40 electric and hybrid models, 16 of which will be battery electric vehicles.

Farley also said that by 2020, Ford will launch high-performance electric vehicles. The company will begin mass production of a hybrid version of the F-150 truck at its 2020 facility in Dearborn, Michigan.

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