On Thursday Ford CEO Mark Fields announced the largest investment plan by the company ever.
Ford plans to expand its electric vehicle portfolio by 2020. On Thursday Ford announced it will spend $4.5 billion on the development of electrical vehicles. The announcement was made by the CEO of Ford Motors Mark Fields.
According to Fields it is the largest single investment over a five-year period in Ford history. The investment is especially noteworthy for the development of Electric Vehicles by Ford Motors. The plan will allow Ford to come up with 13 new electrified vehicles.
The investment plan also involves development on plug-in hybrid cars. So by 2020 about 40 percent of Ford vehicles will have some electric element. Ford will also work on traditional hybrids and their diesel fuel powertrains.
Even the EcoBoost technology and battery-electric propulsion will be researched for improvements. Ford specifically pointed out their focus on to plug-in technology. The short term strategy of Ford is to see plug-in hybrids undergoing immense growth by 2018.
“The challenge going forward isn’t who provides the most technology in a vehicle but who best organizes that technology in a way that most excites and delights people,” said Raj Nair, executive vice president, Product Development.
“By observing consumers, we can better understand which features and strengths users truly use and value and create even better experiences for them going forward.”
According to Fields the investment plan will pace with consumer preferences. The move will also make sure Ford adapts to strict fuel-economy and emissions regulations. Environment regulations are tightening around the world.
“This new way of working brings together marketing, research, engineering and design in a new way to create meaningful user experiences, rather than individually developing technologies and features that need to be integrated into a final product,” Nair said.
“We are using new insights from anthropologists, sociologists, economists, journalists and designers, along with traditional business techniques, to re-imagine our product development process, create new experiences and make life better for millions of people.”
Ford also plans on launching an updated version of the Focus electric later in 2016. The updated version will allow the Focus to provide 80-percent capability in just 30 minutes.
Currently Focus takes 2 and a half hours to charge at 80 percent capability. The financial grant will allow Ford an opportunity to reach the future in time with competitors.
“As both an auto and a mobility company, we at Ford are going further than just designing the product to move people from point A to point B,” Nair said.
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“We are considering the way customers interact with our vehicles as a unified experience, looking for ways to excite and delight customers and make their lives better.”