Ford has confirmed it will more than double its investment in electric and plug-in hybrid vehicles.
The company's previous plan to spend US$4.5 billion ($5.7 billion) on electrified vehicle development by 2020 will now be supplanted by a new goal of investing US$11 billion ($14 billion) by 2022.
"We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them," Bill Ford told reporters, including those from Reuters.
“If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
Of the 40 electrified cars, 16 will be pure-electric vehicles, with plug-in hybrids accounting for the remainder.