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Ford’s $11B Investment
You can see it, it’s electric! Whether you attribute the recent rise in electric vehicles to Tesla or consumers’ desire to go green, most automakers are making a huge shift to increase electric vehicles in their lineup. At Detroit’s recent auto show, Ford announced plan to invest $11 billion to offer 40 electric and hybrid vehicles by 2022, some of which will be SUVs.
Previously, the company had stated it would invest $4.5 billion by 2020, but CEO Jim Hackett let investors know that the company plans to cut costs over the next five years and shift capital investment to the lineup of environmentally-friendly vehicles. Of Ford’s planned lineup, 16 will be fully electric and the others will be plug-in hybrids.
With increased regulations on carbon emissions from Europe, California and China, as well as Tesla’s growing success, most automakers are prioritizing electric and hybrid cars. In fact, the U.K., China, India and France announced their plans to phase out all vehicles powered by combustion engines between 2030 and 2040.
For comments, questions or concerns, please contact Daniella Soloway
