Ford Increases Electric Vehicle Spending To $11 Bln By 2022

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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.

The company previously committed $4.5 billion in spending on electrified products by 2020 and said in October it would divert an additional $500 million from conventional products-including gasoline-powered products-over a five-year span.

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. "If we want to be successful with electrification, we have to do it with vehicles that are already popular".

The vehicle manufacturer has announced that it's significantly increasing its planned investment into electric cars.

This was confirmed by Ford Chairman Bill Ford at the Detroit Auto Show.

The carmaker said it had formed a team to accelerate the global development of electric vehicles, adding that the team's mission was to "think big and make quicker decisions".

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

They are also under pressure from Tesla's success in creating electric sedans and SUVs that inspire would-be owners to line up outside showrooms and flood the company with orders.

Some EV production will be done in China where Ford has EV jvs. The company has more than doubled the initial planned investment which will also cover the cost of developing dedicated electric vehicle architectures. One avenue under consideration was the sale of Ford cars on Tmall.

"This $11bn you're seeing, that means we're all in now", he said.

"We believe that man-made carbon dioxide contributes to climate change and we have a lot to do about it", said Raj Nair, Ford Motor's executive vice president and president of North America.