Ford plans to invest $11bn to come out with 40 new electric car models
 Source : NewsBharati  Date : 15-Jan-2018

Detroit, January 15: With the changing scenario in climate, energy sector, the automobile industry is pushing itself to a major change. The major player in the industry, Ford has decided to Ford plans to spend $11bn on 40 new electric, car models by 2022. The announced investment figure includes the costs of developing dedicated electric vehicle architectures.

The automaker would slash $14 billion in costs over the next five years and shift capital investment away from sedans and internal combustion engines to develop more trucks and electric and hybrid cars.

"We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them," Bill Ford told. "If we want to be successful with electrification, we have to do it with vehicles that are already popular," he said.

To slash carbon emission and less use of fossil fuels, major carmakers are outlaying new plans for electrified cars. General Motors Co, Toyota Motor Corp, and Volkswagen AG have come out with many strong plans to come out with more electric vehicles, at least 20 new models.