Ford plans $11 billion investment, 40 electrified vehicles by 2022

Startup founders are older more diverse and don’t live in San Francisco

Ford Motor Co is to more than double spending on electrified vehicles, amplifying its investment in a segment that the auto industry sees growing from what is just a fraction of the market.

Ford's $11bn investment pledge is much higher than a previously announced target of $4.5bn by 2020 and was spearheaded by new chief executive Jim Hackett.

Ford has been lagging behind in all-electric vehicle programs since its first vehicle created to be electric from the ground up is only planned for 2020.

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US auto giant Ford will massively increase investments in electric vehicles and roll out 40 hybrid and electric vehicles by 2022, executive chairman Bill Ford said Sunday at the 2018 North American International Auto Show here.

The company's aggressive shift to electrification took place after Tesla surpassed Ford in market value in 2017. "If we want to be successful with electrification, we have to do it with vehicles that are already popular", Ford told reporters, according to Reuters.

During the Detroit show, Ford teased the release of its first performance electric vehicle - the Mach 1 - without giving any details about how it would look or its spec. "The only question is whether the customers will be there with us and we think they will", he added.

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Raj Nair, head of Ford's North American operations, told Bloomberg the company was committed to playing a leading role in the development of a low carbon economy.

He said the firm would offer 16 fully electric vehicles by 2022 and 24 plug-in hybrids.

If that was the case, they would be investing more in batteries and electric motors than they are investing in internal combustion engines, which is still apparently not the case.

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General Motors Co, Volkswagen AG, and Toyota Motor Corp are already preparing to expand their electric vehicle production and target consumers who want an SUV body style, luxury, and performance or all three features in the same auto.

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