Ford has announced plans to invest $11 billion into electric vehicles in the next five years, doubling their previous investment plans.
Altogether they plan on bringing 40 electric vehicles to the market by 2022, 16 of those being all electric, and the other 24 being plug-in hybrids. This is a massive push from one of the big three, following GM's plans to bring 20 electric and fuel cell vehicles to market by 2023.
One of the first vehicles was teased by Ford in the video below, which will be a performance all electric SUV with the nameplate of "Mach 1". That name has not been used since the 1970s, when it was a performance version of the Mustang. Many longtime Mustang fans will likely be unhappy with the use of this name for an electric SUV, but the video seems to hint that the vehicle is a mashup of a Ford Explorer and a Mustang. Likely this vehicle will compete directly with the Tesla Model X and upcoming Jaguar I-Pace. Being a performance car means it will most likely come with a premium price tag as well.
No word yet on other cars planned, but 16 all electric vehicles in their lineup in just five years sounds exciting.
Now, where is FIat Chrysler? I know I'd like to see the Viper replaced by a performance electric car in the vein of the upcoming Tesla Roadster, and an all electric Dodge Charger would be perfect, considering the name.