The Detroit Auto Show or The North American International Auto Show kicked off this weekend, it has become a major venue for automakers sharing electric vehicle and self-driving efforts. Ford made a big splash about its EV strategy.
The Detroit Auto Show or The North American International Auto Show kicked off this weekend, it has become a major venue for automakers sharing electric vehicle and self-driving efforts. Ford made a big splash with it’s EV plans. Jan.14-17 are media days with hype the feature.
Image Courtesy Ford Motor Inc
The show began on Sunday with speeches at Cobo Center in Detroit with a presentation by Elaine Chao, U.S. secretary of Transportation. Chao spoke to the legislation on self driving and the impeact the U.S. has on the motoring world Ford at its 4 p.m. event waxed lyrical on electric cars and thie rush to get over 40 new EV models into the market place by 2022.
Ford Electric Vehicle Plans
Ford Motor Co. ($F) announced plans to increase its investment in electric powertrains,investing $11 billion to launch 40 new electric vehicles by 2022.
The EVs include 16 full battery-electric vehicles and 24 hybrids,
Ford’s electric strategy gives a cleat indication of melding the past with the future in an accelerated timeline. Part of the company’s North American plan is to electrify nameplates establishes brands in higher-margin segments.
“We think that electrifying the vehicles that we’re best known for, that really drive our business results, and making them electric is really what (CEO) Jim (Hackett) means by smart vehicles in a smart world,” Jim Farley, Ford president of global markets, said Sunday at the North American International Auto Show.
Ford’s $11 billion spending plan includes its previously announced joint venture with China’s Anhui Zotye Automobile to introduce a new line of small all-electric vehicles for the Chinese market. Volvo, Jaguar-Land Rover, Volkswagen and General Motors have allannounced big investments in electrification. GM announced plans to add 20 new battery electric and fuel cell vehicles to its global lineup by 2023 last year.
Ford made their intentions clear saying “People want nice (electric) products. They want a higher-end product.” Something Elon Musk caught onto a few years back over at Tesla.
“We were the original transportation disruptor, have reinvented our company many times over the last 114 years. Our heritage and our future are intertwined.” Ford Executive Chairman Bill Ford Jr. said at a press conference.
Various presentations will continue through Tuesday. The show opens to the public Jan. 20 and runs through Jan. 28. Look for more on selfdriving and electric vehicle updates.
Source: Reuters, Bloomberg