Ford Is Focusing And Will Invest $11 Billion On Electric Cars
The Ford Motor Co. is bound to affect the future of the electric car industry. It is reported that Ford is expected to invest more and $11 billion will have been put in the production of electric vehicles by 2020 to win more power in the electric car market.
Ford Motor Co. will increase its investment in electric vehicles in the next 5 years. It will have invested 11 billion yuan (about 70.6 billion yuan) by 2022 to produce hybrid and pure electric vehicles.
James Farley, the president of the world market of Ford Motor Co, announced the news in the 2018 North American International Auto Show held in Detroit. Ford had announced before that it would have invested 4.5 billion dollars (28.9 billion yuan) to manufacture electric cars by 2020. The latest released investment value has more than doubled.
Farley said Ford would launch 16 models of pure electric vehicles and 24 hybrid and plug-in hybrid vehicles. At present, Ford only produces a pure electric vehicle.
"From the first electric cycle we understand that people want a really good product," said Farley, "we have begun to show how we are going to play a role in the world's electric car industry to electrify our more expensive classic brands."
According to the Associated Press, this year's North American International Auto Show focused on the pickup and General Motors, Fiat Chrysler and Ford all unveiled their new pickup.