Ford plans to invest 11 billion Dollars in development of electric cars

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The manufacturer plans to release 40 hybrid and fully electric cars by this point.

Ford is planning to add 40 electrified cars to its global lineup by 2022 and 16 of those will be fully electric while the rest will be plug-in hybrids.

Ford will shell out $11 billion on new electric technologies.

As battery prices rapidly decrease and regulators starting to crack down on the internal combustion engine, auto companies are capitalising on electric vehicle models.

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In October, Ford CEO Jim Hackett outlined the firm's shift in focus to mobility, connectivity, and retooling manufacturing, much of which revolves around smart vehicles. His replacement Jim Hackett has vowed to cut costs and drop some auto models from the lineup to refocus the company's future on sport utility vehicles, trucks and electrification. On Sunday evening, Daimler AG unveiled its new G-class SUV, a bulky off roader, in an abandoned movie theater in downtown Detroit once used as a set for the movie "8 Mile".

Ford had previously said that it wanted to invest $4.5 billion into its electric vehicle ambitions 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. As other automakers including Tesla, Chrysler, Volkswagen, and Nissan spend more and more on EV research, it may be that Ford is making a bid now to become one of the strongest market players in the future. "What that means is that when you come out with a new product it better be ahead of anything that's on the market", he added.

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.

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