Ford investing in 40 new electric models by 2022
With the Ford e-Focus being a small investment in electric cars, Ford is now getting serious and planning to invest over $11bn
Ford plans to invest in the development of over 40 new electric models by 2022 and of these 16 are likely to be fully electric.
The investment figure, announced by Ford executives at the Detroit Motor Show in January 2018, is sharply higher than a previously announced target of $4.5bn by 2020 and includes the costs of developing dedicated electric vehicle architectures.
“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” Ford told reporters. “If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
This is an interesting approach and at a contract to some other manufacturers that seem to think we all want electric cars that are visibly different from the norm.
Volvo, General Motors, Toyota and Volkswagen have already outlined ambitious plans to expand their electric vehicle model range and offer luxury, performance and an SUV body style – and sometimes all three of these in the same car.
The main car manufacturers are reacting to pressure from regulators across the world, but particularly in Europe and China to slash carbon emissions from fossil fuels. They also are feeling the pressure of Tesla’s success.
Volvo announced last year that it would have an electric version of each of its models by the end of 2019.
General Motors has promised shareholders that the US carmaker will make profitable electric cars by 2021.
Volkswagen said in November it would invest $40bn in electric cars, autonomous driving and new mobility services by 2022 – a big increase on the investment it announced just a few months earlier.
Toyota is pressing to commercialize a new battery technology during the early 2020s with the potential to cut the cost of electric cars, although it should also be noted that it continues to invest in hydrogen fuel cell powered vehicles.
