Ford to invest $11bn in electric vehicle development

Ford, the US automotive manufacture, has announced its plans to invest US£11bn into electric vehicle (EV) development.

The firm aims to develop a wide range of EVs by 2022, with plans for 40 new EV models.

In the next four years, Ford will develop and globally market 16 fully battery electric-powered vehicles, with the remaining 24 vehicles using hybrid electric drive trains – combining electric power and gasoline.

Following the appointed of Jim Hackett as CEO of the company, Ford has made several moves towards an EV future.

In 2015, the firm announced they would be investing $4.5bn into the industry, which has only increased due to the market and technology developments.

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Mr Hackett also reported that Ford would be cutting costs of $14bn over a five year period, as part of its transition into EV and hybrid cars.

“We are actively evolving our position to be more competitive,” commented Jim Farley, Executive Vice President of Ford.

“At the highest level, we need to narrow our full lineup of nameplates to a more focused lineup that delivers stronger growth, less risk and better returns.”

“We are repositioning the company to offer best-in-class, human-centered vehicles and mobility services. That’s our vision.”