Ford Motor Co. will more than double spending on electrified vehicles, amplifying its investment in a segment that the auto industry sees growing from what’s now just a fraction of the market.
The carmaker will shell out $11 billion bringing 40 electrified vehicles to market by 2022, Jim Farley, president of global markets, said during a presentation at the Detroit auto show. That’s up from the $4.5 billion that Ford said in late 2015 it would invest through the end of the decade.
“This $11 billion you’re seeing, that means we’re all in now,” Executive Chairman Bill Ford told reporters in Detroit. “The only question is will the customers be there with us and we think they will.”
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