Ford plans to spend $4.5 billion on electric vehicles by 2020

Mark Fields, CEO of Ford Motor Company recently announced that the auto-maker is making its biggest five-year investment in electric vehicles (EVs) with a pledge to spend $4.5 billion by 2020. Thirteen new EVs will be introduced worldwide in the coming years, including an updated Focus sedan that will go on sale late next year.

Ford’s new Focus will be equipped with fast-charging capability and an estimated 100-mile range, up from 76 miles in the current electric Focus. The company is also planning to unveil the Mondeo hybrid sedan and the C-Max Energi plug-in hybrid in China next year.

Pictured above is the 2016 Ford Focus Electric. Image source: Ford.

Currently Ford sells electric, hybrid, and plug-in hybrid versions of its Focus, Fusion, C-Max, and Lincoln MKZ sedans. The company wants 40% of its global offering to come in electric versions by 2020, up from 13% now.

Ford said it’s willing to spend an additional $4.5 billion to meets its electrification goals by 2020. According to Fields, the move is driven by customer demand as well as the need to meet fuel efficiency standards.

At this time Ford has six EVs in its product portfolio.

Source: Mashable