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The planned investment is significantly higher than the previously announced target of $4.5bn by 2020
Ford Motor Co will significantly increase its planned investments in electric vehicles to $11bn by 2022 and have 40 hybrid and fully electric vehicles in its model line-up, the company’s chairman, Bill Ford, said on Sunday at the Detroit auto show.
The investment figure is sharply higher than a previously announced target of $4.5bn by 2020, Ford executives said, and includes the costs of developing dedicated electric vehicle architectures.
Related: Detroit's auto giants take fight to big tech as largest US car show kicks into gear
Related: How green are electric cars?
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