Ford doubles commitment, boosts funds in electric vehicles

MICHIGAN, U.S. - Doubling its previous commitment in electric vehicles, Ford is set to boost its investment in the project to $11 billion in the next five years.

Bill Ford, Chairman of Ford said in a statement on Monday that by 2022, the company would have 40 hybrid and fully electric vehicles in its range.

The automaker’s announcement comes as countries around the world put more pressure on car makers to rein in carbon emissions.

Over the last few months, General Motors, Toyota and Volkswagen have outlined ambitious plans to offer more electric vehicles.

Ford said at the Detroit Auto Show that the focus would be on electrifying existing Ford models, adding that the firm would offer 16 fully electric vehicles by 2022 and 24 plug-in hybrids.

Addressing reporters, Ford said, "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them. If we want to be successful with electrification, we have to do it with vehicles that are already popular."

Meanwhile, Stephanie Brinley, a senior automotive analyst at IHS Markit, said it was part of a bigger trend of car makers investing in electrification.

Brinley added, "Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving. The big question is how quickly consumers will adapt, as electric is only 1 percent of the market right now. Changing that will take better infrastructure on our roads, but also having more electric vehicles available."

Previously, Ford announced that it would invest $4.5 billion by 2020.