Ford announces $11bn hybrid and EV expansion

The figure marks a significant jump from the $4.5bn Ford previously committed to EV development back in late 2015. Announcing the news at the Detroit Motor Show, company chairman Bill Ford said the increased figure is indicative of how Ford sees the automotive industry evolving.

“This $11bn you’re seeing, that means we’re all in now,” Ford told reporters in Detroit. “The only question is will the customers be there with us, and we think they will.”

Of the 40 electrified models planned, 16 will be pure electric, with hybrids making up the remainder. Just a single vehicle – a fully electric SUV known as the Mach 1 – has so far been revealed by name. It is expected to be available in 2020.

Ford’s move comes on the back of announcements in 2017 by several automotive OEMs to expand their electric offerings. In November, Volkswagen said it would invest €23bn in a ‘technology offensive’ that would focus on modular production and e-mobility. General Motors and Toyota have outlined similar plans to shift their focus to EVs and plug-in hybrids, while closer to home, Jaguar Land Rover declared last year that all new vehicles it produces from 2020 will be electrified.