Ford plans $11 billion investment, 40 electric vehicles by 2022

The Mustang has remain largely untouched

At the Detroit auto show on Sunday, Ford Chairman Bill Ford said the company also plans to offer at least 40 hybrid and all-electric vehicles to consumers in the same year.

This new announcement more than doubles Ford's previous commitment to spend $4.5 billion on electrified vehicles. The company now offers just one fully electric vehicle.

Also, it appears the electric crossover may not carry not the "Model E" name, thought to be the working label for a future lineup of compact hybrid, plug-in hybrid, and battery-electric vehicles. Ford plans to invest up to 11 billion Dollars in the development of electric cars.

"We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them".

Toyota is racing to commercialize a breakthrough battery technology during the first half of the 2020s with the potential to cut the cost of making electric cars.

Since then, however, Ford has becoming increasingly focused on electric and smart vehicles. But the automaker did say at the Detroit Auto show that the Mach 1 will be part of its increased push into electric vehicles. "There's no doubt that we've entered this period of disruption, you all know that". Ford has previously said it will make hybrid versions of the Mustang and of the F-150.

Ford's new CEO, Jim Hackett, has been working on a new electrification plan since being appointed past year.

The plan was finalized in recent months after an extensive review, a person familiar with the process said. One aim of Ford's "Team Edison" is to identify and develop electric-vehicle partnerships with other companies, including suppliers, in some markets, according to Sherif Marakby, vice president of autonomous vehicles and electrification. Ford was planning to sign such a deal as it overhauls its China strategy to stimulate growth.

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