Ford to Invest $11 Billion by 2022 on New Electric Cars
Ford Motor will increase to $11 billion its investment in electrified vehicles between now and 2022, saying it will introduce 16 battery-electric cars and 24 hybrids or plug-in hybrids around the world in the next few years.
The plan more than doubles an earlier plan, announced in 2016, to spend $4.5 billion on 13 new electrified vehicles by 2020. To help pay for the higher investment, Ford plans to divert money away from slow-selling passenger cars and use the money saved from its decision to shift production of its Focus small car to China. Reports have indicated Ford plans to discontinue its Fusion family sedan, for example, but the company has not confirmed that decision.