'All in': Ford pledges to more than double green vehicle investment

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"Selling electrification on just fuel efficiency is not going to pay out when gas is going for $2.50 a gallon", said Ford Executive Vice President Hau Thai-Tang.

The investment figure is sharply higher than a previously announced target of $4.5 billion by 2020, Ford executives said, and includes the costs of developing dedicated electric vehicle architectures.

The 2019 Ford Edge ST is unveiled during the press preview at the North American International Auto Show in Detroit January 14, 2018.

"This $11 billion you're seeing, that means we're all in now", said Bill Ford on Sunday.

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Mr Hackett, who replaced Mark Fields in May, has said he wants to make fewer sedans and internal combustion engines and develop more trucks and electric and hybrid cars.

The new hybrid range will be part of Ford's global electrification strategy, which will see "13 new global electrified vehicles" come ton market in the next five years.

"We're all in, and the only question is will the customers be there with us?". The company now offers just one fully electric vehicle. The Mach 1, the hybrid F-150, and the Mustang hybrid are scheduled should make their debut sometime in 2020. The U.S. automaker declared that it's investing $11 billion by 2022 to increase electrification efforts.

"What we learned from this first cycle of electrification is people want really nice products", Farley said. Ford also told reporters that they are a team and they will launch the conventional vehicles, their most symbolic vehicles and they are going to be electrified.

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The plan was finalized in recent months after an extensive review, a person familiar with the process said.

With the USA new auto market moving away from sedans and other conventional passenger cars, Ford will focus on trucks, utility vehicles and specialty performance models, such as the Mustang, said Thai-Tang, who succeeded Nair at product development director last June.

The new investment in electric cars is being welcomed by states worldwide, with China, the United Kingdom and France having all announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.

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