Ford boosts electric fund to $11bn

Andrew Cummings
January 18, 2018

Sixteen of the 40 vehicles Ford plans to make will be fully electrified, while the remaining number will be plug-in hybrids, executives said.

It is worth noting that the name Mach 1 rings a bell because the name was previously used for a performance package variant of the Mustang that's dated all the way back to the 1969 model year.

The all-electric SUV will be built on a new dedicated EV platform and have a range of 300 miles, while the design and packaging of the model has nearly been signed off. Prototypes will hit the road next year to undergo development testing.

The North American International Auto Show in Detroit opened to the press this week with one big question hanging in the air: How will autonomous vehicles change the industry? A lot of customers, we call them the adventure customer, right.

These figures compare to Ford's R&D activities in 2016 of $7.3 billion, compared to 2015's $6.7 billion in 2015.

Investments in electrified vehicles announced to date include at least $19 billion by automakers in the United States, $21 billion in China and $52 billion in Germany.

The total investment from Ford into its electric program will be $11B over five years. Ford expects to have lost $300 million on self-driving vehicle ventures past year. The plan sparks a full-throated effort from Ford to wiggle its way into an increasingly crowded electric automaker.

"It is very clear based on the sales data this is what the consumers want", said Edward Loh, the editor in chief at Motor Trend Magazine. In related news, a new British project sets out to double range of electric vehicle with the use of silicon batteries. They have dipped their toe in the electric-car pool, but have yet to actually take the plunge. "It's going to be longer". In addition, Volkswagen has a new strategy for electric and self-driving cars through to 2030.

In the United States, General Motors Co has outlined plans to introduce 20 new battery and fuel cell electric vehicles by 2023, majority built on a new dedicated, modular platform that will be introduced in 2021.

Ford is looking to accelerate its push into the electric vehicle market as it struggles to keep up with rivals´ efforts. The company would then start an effort at targeting the electric vehicle market by 2025.

He said the company would target "costs in general, everything from investment levels, materials costs, logistics costs, marketing costs, every part of our business". "We do not have a gun to our head", Marchionne said.

Other reports by iNewsToday