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.”

As a result of its extra investment, Ford plans to have 40 electrified vehicles in its global range by 2022, up from the previous target of 13.

Of the 40 electrified cars, 16 will be pure-electric vehicles, with plug-in hybrids accounting for the remainder.

Hybrid versions of the 2020 Mustang sports car, 2020 F-150 pickup truck, and 2019 Transit Custom van have already been announced. A small electric crossover is also due to debut in 2019.

Last year Ford announced a partnership with Zotye to develop a range of electric vehicles for the Chinese market to be sold under a new joint venture brand.