Ford isn’t just bullish on self-driving cars, it’s also earmarking a significant amount of money for its all-electric car efforts. The car manufacturer has announced that it’s significantly increasing its planned investment into electric cars. It’s going to invest $11 billion by 2022 and will offer 40 hybrid and fully electric cars in its lineup. This was confirmed by Ford Chairman Bill Ford at the Detroit Auto Show.

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Ford had previously said that it wanted to invest $4.5 billion into its electric car ambitions by 2020. The company has more than doubled the initial planned investment which will also cover the cost of developing dedicated electric vehicle architectures.

The company has already said that it’s going to cut $14 billion in costs over the next five years and divert capital investment away from sedans and internal combustion engines to work on more trucks, electric, and hybrid cars.

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. “We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them,” the company says, adding that if it wants to be successful with electrification it has to do it with vehicles that are already popular.

The company has already teased an all-electric performance SUV called Mach 1 that it’s aiming to launch in 2020.

Filed in Transportation.. Source: reuters