Ford plans to invest 11 billion Dollars in development of electric cars

Ford plans to invest 11 billion Dollars in development of electric cars

"We have a lot of new products coming in the next two years", he said, including 25 new-vehicle launches and a refresh of more than one-third of the Ford portfolio before the end of the decade.

Sixteen of the 40 vehicles Ford plans to make will be fully electrified, while the remaining number will be plug-in hybrids, executives said.

Ford's new CEO, Jim Hackett, has been working on a new electrification plan since being appointed a year ago. For as little as $3, you can help us. The vehicle manufacturer has announced that it's significantly increasing its planned investment into electric cars.

After electric-vehicle darling Tesla Inc. surpassed Ford in market value previous year, the second-largest USA automaker replaced then-Chief Executive Officer Mark Fields.

On Monday, Ford said it would invest $11 billion in electric vehicles over the next four years, well up from earlier plans to plow $4.5 billion into the vehicles by 2020.

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Ford's additional investments in electric vehicles contrasted with numerous vehicle launches at the Detroit show which featured trucks and SUVs. Presumably, that means fossil-fuel cars will be dead soon. Ford says it will spend RM44 billion to create hybrid and electric versions of its cars. Last May, it replaced chief executive officer Mark Fields with Jim Hackett, who was previously in charge of its self-driving vehicle subsidiary Ford Smart Mobility.

"The big question is how quickly consumers will adapt, as electric is only 1% of the market right now".

On a broader scale, Ford tips that it's shifting its focus to producing high margin vehicles, instead of scrapping to be a volume leader as is in its DNA.

Much more exciting, though, is the promise of Ford using electrification for speed.

Stephanie Brinley, an automotive analyst working at IHS Markit has said when asked about the future of electric vehicles: "Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving". The move has become inevitable due to the declining costs of batteries and the efforts of regulators to crack down on the internal combustion engine and eventually phase out gasoline and diesel engines.

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