Ford said it will invest $11 billion to create 40 new electric and hybrid vehicles that will be available by 2022.
Seeing that we are days away from the Detroit Auto Show, we can't help but to see the ST teaser as a reference to the next-gen Ford Mustang Shelby GT500.
"This $11 billion you're seeing, that means we're all in now", said Bill Ford on Sunday.
But U.S. and German auto executives said in interviews on the sidelines of the Detroit auto show that the bulk of those investments are earmarked for China, where the government has enacted escalating electric-vehicle quotas starting in 2019.
Mr Hackett, who replaced Mark Fields in May, has said he wants to make fewer sedans and internal combustion engines and develop more trucks and electric and hybrid cars. The company now offers just one fully electric vehicle.
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Volkswagen said in November it would spend $40bn on electric cars, autonomous driving and new mobility services by the end of 2022 - doubling a previous commitment. His deputy James Hackett vowed to cut costs and eliminate some of the cars in the series to redirect the company's future to pickup, SUV and electric vehicles.
Stephanie Brinley, a senior automotive analyst at HIS Markit, said it was a sensible move by Ford.
In a report via the BBC, Ford has announced plans for a major expansion in the electric vehicle industry. We will update you once we get an official answer on the matter.
From the total 40 models, 16 are planned to be fully electric and the rest plug-in hybrids. Only one new model was named yesterday, with executives confirming it will launch a battery electric SUV called the Mach 1 in 2020.