Ford To Invest $11 Billion in Electric Cars
The Ford Motor Company has revealed plans to invest over $11 billion dollars in the development and production of electric cars by 2022. The announcement was made public at the Detroit Motor Show.
The American carmaker plans to produce 16 fully battery-driven vehicles and 24 hybrid cars by 2022. At the moment the Focus is the only Ford car that can be driven by batteries alone.
Apart from producing electric-driven cars for the North American market, Ford also aims at increasing sales to China, the largest growing car market in the world. In addition, it wants to become the world’s leader in fuel-efficient trucks. The car producer also plans to bring a battery-driven SUV on the market by 2020.
Instead of creating completely new electric vehicles from scratch, Ford wants to electrify cars that are already popular because people will know what they get and buy more easily.
Automobile manufacturers around the world are under pressure to develop electric cars because many large countries, including China, India, France and the U.K. have said they would phase out vehicles powered by internal combustion engines within the next two decades. They also face fierce competition from companies like Tesla, a car-maker that specialises in innovative technologies.