Stephanie Brinley, a senior automotive analyst at IHS Markit, says it will take more than just the automakers shifting to electric vehicles.
The American vehicle giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models.
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. By 2030, Jackson said he expects electric vehicles could account for 15-20 percent of New vehicle sales in the United States.
Ford has said that the focus will be on creating electric versions of now existing models, although did not rule out new models on the way.
Ford believed that the answer would be positive.
Not only are Ford officials trying to develop strategies for introducing electrification vehicles in North America, but they're working to harness the largest and most rapidly growing auto market in the world - China.
Will it sit on a Mustang platform with the space of an Explorer? While the Mach 1 has been a featured muscle vehicle in action films, the Ford team indicated a new Mach 1 could be released as an SUV. The Mach 1 would likely not be a passenger auto, he all but confirmed.
He asked the capacity crowd at the end of the Ford presentation: "Can a battery electric vehicle stir the soul?"
Not every multinational automaker is moving so aggressively into electric vehicles.
"Everybody will find out that if you push you will have a lot of bad news on residual values", Nissan Chief Performance Officer Jose Munoz told Reuters.
That isn't likely to change until near the middle of the next decade, according to a new study by the Boston Consulting Group, when battery prices are expected to drop to barely half of what they go for today.
Ford on January 14 said it is increasing its budget for electric batteries to $11 billion by 2022. The company will begin production of a hybrid version of its popular F-150 truck at plant in Dearborn, Michigan, in 2020.
The Edge is priced at $30,215, and we presume the ST variant will cost more. In addition to this, the company has also pledged to have at least 40 hybrid or fully electric cars in their range. And General Motors will add two additional all-electric offerings alongside its current Chevrolet Bolt by early in 2019. Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving.
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