Ford to Invest $11 Billion in Electric Vehicles

Ford announced an $11 billion investment in electric vehicle (EV) technology with plans to bring 16 all-electric vehicles and 24 plug-in hybrids to market by 2022. Ford joins General Motors with its 2017 announcement to launch 20 new EVs by 2023, Daimler AG, BMW, Volvo, Volkswagen AG, and others making similar commitments. Meanwhile, EV frontrunner Tesla is facing production delays as it works to fill over 400,000 backorders for its affordable Model 3 sedan.China is aggressively investing in EV technology, with one Chinese automaker announcing plans to enter the US market by 2019.

According to December 2017 data from the US Department of Energy, all-electric vehicle offerings expanded from three models to 15 between 2011 and 2017. Over the same time period, median EV range increased from 73 miles to 114 miles. Investment in batteries and electric cars globally has surpassed $90 billion. Reuters