LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Automobile News

Ford plans $11 billion investment, 40 electric vehicles by 2022

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Ford plans $11 billion investment, 40 electric vehicles by 2022
Jim Hackett (L), President and CEO of Ford Motor Company, speaks at the Ford press preview at the North American International Auto Show in Detroit. Image source: Reuters
Updated: Mon, Jan 15, 2018
10:50 am
Reuters
RELATED NEWS
FORD-MAHINDRA - Covid 19 takes a toll as auto joint venture called off; This is what companies said! FORD-MAHINDRA - Covid 19 takes a toll as auto joint venture called off; This is what companies said!
Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees
Ford Motor issues $8 billion debt securities after Coronavirus causes $2 billion loss Ford Motor issues $8 billion debt securities after Coronavirus causes $2 billion loss
Ford Motor to lay off around 200 workers at Canadian plant Ford Motor to lay off around 200 workers at Canadian plant
Ford likely to end independent India business as joint venture talks with Mahindra in final stage: Sources Ford likely to end independent India business as joint venture talks with Mahindra in final stage: Sources

Ford Motor Co will significantly increase its planned investments in electric vehicles to $11 billion by 2022 and have 40 hybrid and fully electric vehicles in its model lineup, Chairman Bill Ford said on Sunday at the Detroit auto show.

The investment figure is sharply higher than a previously announced target of $4.5 billion by 2020, Ford executives said, and includes the costs of developing dedicated electric vehicle architectures. Ford`s engineering, research and development expenses for 2016, the last full year available, were $7.3 billion, up from $6.7 billion in 2015.

Ford Chief Executive Jim Hackett told investors last October the automaker would slash $14 billion in costs over the next five years and shift capital investment away from sedans and internal combustion engines to develop more trucks and electric and hybrid cars.

Of the 40 electrified vehicles Ford plans for its global lineup by 2022, 16 will be fully electric and the rest will be plug-in hybrids, executives said.

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

General Motors Co, Toyota Motor Corp and Volkswagen AG, have already outlined aggressive plans to expand their electric vehicle offerings and offer them to consumers who want luxury, performance and an SUV body style - or all three attributes in the same vehicle.

Mainstream auto makers are reacting in part to pressure from regulators in China, Europe and California to slash carbon emissions from fossil fuels. They also are under pressure from

Tesla Inc`s success at creating electric sedans and SUVs that inspire would-be owners to line up outside showrooms and flood the company with orders.

GM said last year it would add 20 new battery electric and fuel cell vehicles to its global lineup by 2023, financed by robust profits from those very same traditional internal combustion engine vehicles in the United States and China.

GM Chief Executive Mary Barra has promised investors the Detroit automaker will make money selling electric cars by 2021.

Volkswagen said in November it would spend $40 billion on electric cars, autonomous driving and new mobility services by the end of 2022 – significantly more than when it announced two months earlier it would invest more than 20 billion euros on electric and self-driving cars through 2030.

Toyota is racing to commercialize a breakthrough battery technology during the first half of the 2020s with the potential to cut the cost of making electric cars.

Ford`s president of global markets, Jim Farley, said on Sunday that Ford would bring a high-performance electric utility vehicle to market by 2020. The company will begin production of a hybrid version of its popular F-150 truck at a plant in Dearborn, Michigan, in 2020.

"What we learned from this first cycle of electrification is people want really nice products," Farley said.
`THINK BIG`

Ford’s shift to the electric vehicle strategy has been more than six months in the making after Hackett replaced former Chief Executive Mark Fields in May.

The plan was finalized in recent months after an extensive review, a person familiar with the process said. In October, Ford disclosed it had formed a team to accelerate global development of electric vehicles, whose mission is to “think big” and “make quicker decisions.”

Some of the electric vehicles will be produced with Ford’s JV in China aimed at the Chinese market. One aim of Ford’s “Team Edison” is to identify and develop electric-vehicle partnerships with other companies, including suppliers, in some markets, according to Sherif Marakby, vice president of autonomous vehicles and electrification.

China, India, France and the United Kingdom all have announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040. (Reporting by Nick Carey and Joseph White; Additional reporting by David Shepardson in Detroit; Editing by Sandra Maler and Peter Cooney)
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Ford MotorFord investmentsElectric VehiclesJim HackettPresident and CEOFord Motor CompanyChairman Bill FordCars
RELATED NEWS
FORD-MAHINDRA - Covid 19 takes a toll as auto joint venture called off; This is what companies said! FORD-MAHINDRA - Covid 19 takes a toll as auto joint venture called off; This is what companies said!
Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees
Ford Motor issues $8 billion debt securities after Coronavirus causes $2 billion loss Ford Motor issues $8 billion debt securities after Coronavirus causes $2 billion loss
Ford Motor to lay off around 200 workers at Canadian plant Ford Motor to lay off around 200 workers at Canadian plant
Ford likely to end independent India business as joint venture talks with Mahindra in final stage: Sources Ford likely to end independent India business as joint venture talks with Mahindra in final stage: Sources

LATEST NEWS

Gold Price Today 2-03-2021 – MCX Gold cheaper by Rs 400 on Tuesday morning, Silver expensive by Rs 69; BUY or SELL?

Stocks to Watch: Symphony, Blue Star, Amber Enterprises shares to gain as IMD forecasts sizzling hot summer

7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance

Gold Outlook I Details explained by ICICI Securities

LIVE: Gujarat Municipal Election Results 2021: BJP wins 803 seats - Check latest news updates, seat details here

Minimum temperature in Delhi settles above normal

BPCL Privatisation News Today: Money! Special dividend to shareholders? Check latest stake sale update

LIVE: Gujarat Local Body Elections Results 2021: BJP wins 2085 seats, Congress gets 602 - Check latest trends, seats details, news updates here

Telecom spectrum 2021: Reliance Jio, Bharti Airtel, and Vodafone Idea exceed government's expectations with this massive bidding on Day 1

EXCLUSIVE - Maritime Summit 2021: Cochin Shipyard, Shipping Corporation set to emerge as big beneficiaries

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved