With car companies everywhere placing a huge emphasis on the production of electric cars, the Ford Motor Company is set on doing its best to keep up. The company announced on Sunday that they plan on spending $11 billion on technology related to electric vehicles by 2022, with plans to create 16 different models, the first of which could come in 2020.
The move by Ford is likely in response to GM’s hugely boosted stock prices thanks to their commitment to both electric and autonomous vehicles. GM has announced that they will have 20 different electric vehicles on the road by 2023 while also showing off an autonomous car model without pedals or a steering wheel. But it’s not only Ford’s crosstown rivals who have made their dedication to electric vehicles, with Volvo indicated that they plan on completely eliminating the production of gas-only cars by 2019, Mercedes-Benz promising to make electric models of all of their cars by 2022, and the Volkswagen Group saying that they plan to go completely electric by 2030. Add onto this the rise of Chinese car companies into international prominence and the country’s restrictions on the production of vehicles running on fossil fuels and you’ve got a ton of pressure for all companies to join in on the electric vehicle movement.
With so much of its competition moving toward electrification, Ford’s been having trouble keeping up with the Joneses recently, as their sales have grown static and production costs have increased. While they’ve remained profitable, the company has failed to meet its targets when it comes to margins. However, this didn’t stop them from revealing the 2019 Ranger, Mustang Bullit, and Edge ST at Sunday’s North American International Auto Show in Detroit, all of which run exclusively on gas, so it’s tough to really trust this promise.
While electric vehicles still only account for a small amount of Ford’s sales, they have made strides in the world of autonomous vehicles, introducing concepts for self-driving cars in an attempt to put themselves at the forefront of the industry. We’ll have to wait and see how one of the world’s very first car manufacturers plans on moving into the future as electric and autonomous vehicles pick up steam along their journey of phasing out traditional motors.
[via The Verge]