Ford will invest $11 billion in vehicle electrification, and plans to expand its current electrified vehicle portfolio to a total of 40 vehicles.
The automaker looks to increase its multi-billion dollar investment between now and 2022, and will also launch 16 battery-electric vehicles among the 40 vehicles it will release, the rest will be plug-in hybrids, Ford announced.
Ford also said it will reveal a full battery-electric performance SUV that offers at least a 300-mile range, for a 2020 launch. In addition to shfiting away from internal combustion engines, the automaker will move investments away from sedans to develop more trucks and electric-powered cars.
The $11 billion investment is more than a previously announced $4.5 billion target from Ford designed to be reached by 2020, which will include developmental costs dedicated to electric vehicle architectures, Reuters reports.
Last December, meanwhile, Ford said it was planning on introducing more than 50 new vehicles in China by 2025, which includes 15 battery electric and plug-in hybrid cars, furthering the automakers growth plan in the country. Among the new vehicles, eight are expected to be all-new SUVs.