Ford Will Invest $11 Billion In Electric Cars By 2022

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After the pioneer of electric vehicles Tesla outperformed Ford past year at market value, the second-largest carmaker in the United States changed the then CEO Mark Fields.

Ford's first all-electric vehicle will be a Mustang-inspired performance SUV, Auto Express can reveal.

Ford executive James Farley said the increased expenditure essentially doubles and extends Ford's previous $4.5 billion investment in electrification until 2020.

Ford added that of the 40 electric vehicles, 16 models will be all-electric.

Raj Nair, head of Ford's North American operations, said the vehicle company expects fuel economy and pollution standards to get more strict, "and rightfully so", he said.

All we know for now is that the project is being developed by Ford Team Edison, the automaker's battery electric division, and is set to debut sometime in 2020.

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Ford (F) has said before that it plans to greatly reduce the amount it spends on traditional internal combustion cars so that it can shift more money toward electric cars and autonomous technologies.

"Tesla faces real competition", said Mike Jackson, chief executive of AutoNation Inc, the largest USA auto retailing chain.

Ford chief executive Jim Hackett told investors in October the plans are to slash $14 billion in costs over the next five years.

"This $11bn you're seeing, that means we're all in now", he said. In addition to this, the company has also pledged to have at least 40 hybrid or fully electric cars in their range. His deputy James Hackett vowed to cut costs and eliminate some of the cars in the series to redirect the company's future to pickup, SUV and electric vehicles.

Ford's original plan was to launch an all-electric SUV in 2020, but in order to stand out on the market and create something unique the brand has changed tact and chose to launch it as a performance model.