Skip to main content

The future may be electric, and Ford is pledging $11 billion to make it happen

Just plug in that EV anywhere Ford Focus Electric
Image used with permission by copyright holder
Ford is financing an electric future. On Sunday, January 14, the American automaker announced plans to seriously up the ante on its investments in electric vehicles, pledging $11 billion by 2022 and promising 40 hybrid and fully electric vehicles in the next four years. This $11 billion figure marks a significant increase from the company’s original plan of $4.5 billion, which it announced in 2015. But given the speed of innovation and demand over the last few years, Ford has clearly reassessed its plans.

The new investment includes the costs of creating dedicated EV architectures, no doubt an expensive enterprise. But Ford is moving much of its money away from sedans and internal combustion engines to focus more on trucks and electric and hybrid cars. In October, Ford CEO Jim Hackett told investors the company would cut $14 billion in costs over the next five years by refocusing its efforts.

“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.”

Some of the upcoming electric cars will be produced with Ford’s joint venture in China, and will target the Chinese market. After all, the Asian superpower has been a driving force behind the electrification of cars, as the nation has plans to phase out fossil fuel-powered cars within the next few years. Other nations have followed suit, with India, France, and the U.K. similarly looking to ban traditional combustion engines sometime between 2030 and 2040.

Indeed, Ford has previously unveiled efforts to break into the EV space in China. In December 2017, the company announced a deal with Chinese tech giant Alibaba “to explore cooperation in areas such as cloud computing, connectivity, and retail,” which could result in Ford cars being sold on Alibaba’s e-commerce platform, Tmall. Moreover, the partnership is expected to result in 15 electric or hybrid models for sale in China by 2025.

Reuters notes that Ford has been planning its electric vehicle push since Hackett replaced previous Ford Motors CEO Mark Fields last May. And it would appear that this new EV track is one that is here to stay.

Lulu Chang
Former Digital Trends Contributor
Fascinated by the effects of technology on human interaction, Lulu believes that if her parents can use your new app…
Ford halts reservations for its all-electric F-150 Lightning pickup
Ford's F-150 Lightning pickup.

Ford has stopped taking reservations for its first electric F-150 pickup after hitting its cap of 200,000.

Each customer has paid a $100 deposit for the F-150 Lightning, which starts at $40,000, and Ford will now work to convert the reservations to orders.

Read more
2022 Ford F-150 Lightning: America’s bestselling vehicle goes electric
Ford's F-150 Lightning pickup.

Electric cars are a powerful weapon against climate change, but most Americans don’t buy cars, they buy pickup trucks. The Ford F-150 has been the bestselling vehicle in the United States for decades, and now Ford is making it electric.

The 2022 Ford F-150 Lightning borrows its name from a performance version of the F-150 sold in the 1990s and early 2000s. Instead of chasing speed records, the reincarnated Lightning’s mission is to convince truck buyers that electric power is the future, as well as maintain Ford’s truck dominance in the face of competition from old rivals and new startups alike. It’s a hugely important vehicle for Ford -- and for the future of EVs.

Read more
President Biden drives Ford F-150 Lightning electric-truck prototype
president biden drives 2022 ford f 150 lightning electric pickup truck prototype visits rouge vehicle center

Ford isn't quite ready to reveal the 2022 F-150 Lightning electric pickup truck, but when the president of the United States wants a test drive, how do you say no?

President Joe Biden visited Ford's Rouge Electric Vehicle Center, the Detroit-area factory that will build the Lightning, yesterday and got behind the wheel of a camouflaged prototype of the new truck. He's likely the first person outside of Ford to drive the Lightning and gave it a positive review.

Read more