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'All in': Ford pledges to more than double green vehicle investment

'All in': Ford pledges to more than double green vehicle investment

Ford has been lagging behind in all-electric vehicle programs since its first vehicle created to be electric from the ground up is only planned for 2020.

After electric-vehicle darling Tesla Inc. surpassed Ford in market value a year ago, the second-largest USA automaker replaced then-Chief Executive Officer Mark Fields. "If we want to be successful with electrification, we have to do it with vehicles that are already popular".

The planned investment significantly exceeds the firm's previous target of investing $4.5 billion (£3.3bn) by 2020 and marks a shift in capital investment away from family cars with internal combustion engines to developing more trucks and low carbon vehicles.

This was confirmed by Ford Chairman Bill Ford at the Detroit Auto Show.

From the total 40 models, 16 are planned to be fully electric and the rest plug-in hybrids. "The only question is whether customers will be with us and we think they will", added he. His replacement Jim Hackett has vowed to cut costs and drop some auto models from the lineup to refocus the company's future on sport utility vehicles, trucks and electrification.

They are also under pressure from Tesla's success in creating electric sedans and SUVs that inspire would-be owners to line up outside showrooms and flood the company with orders.

Some of the electric vehicles will be produced with Ford's JV in China aimed at the Chinese market.

Ford chief executive Jim Hackett told investors in October the plans are to slash $14 billion in costs over the next five years. "There's no doubt that we've entered this period of disruption, you all know that". One avenue under consideration was the sale of Ford cars on Tmall.

Ford believed that the answer would be positive.

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