Executive chairman Bill Ford told reporters at the Detroit Auto Show yesterday that the company was working on plans to deliver 16 fully electric and 24 plug-in hybrid vehicles over the next five years.
The funding pledge is more than double the $4.5bn the company said it would invest between 2015 and 2020 on bringing new electric vehicles (EVs) to market.
"We're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them".
The American vehicle giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models.
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Facebook says its own research shows users are exposed to more divergent views on its platform than they would be otherwise. Markets reacted badly to the news , with shares falling more than four per cent overnight.
Volkswagen said in November that it plans to spend $40 billion on electric cars, autonomous driving by the end of 2022.
Ford plans to ramp up investment in the electric vehicle industry to $11 billion by 2022.
Toyota is racing to commercialize a breakthrough battery technology during the first half of the 2020s with the potential to cut the cost of making electric cars. Speaking to Jalopnik, Ford Executive Vice President Raj Nair confirmed that the Mach 1 will not be based on the Mustang, and will instead be built on a unique platform since it will be battery electric.
SUVs figured in Ford's electric vehicle presentation.
Australia lose quick-fire wicket in first ODI
Earlier, Aaron Finch scored a century for Australia as they posted an imposing total in the first innings. In the last 10 overs, England need just 36 runs with eight wickets in hand.
Ford also announced that it would begin building a hybrid version of its popular F-150 pickup in Dearborn, Michigan by 2020. "What that means is that when you come out with a new product it better be ahead of anything that's on the market", he added.
Ford is getting prepared for tougher pollution standards in countries all around the world, as China, UK, France, and Germany have already planned, or are planning, to ban the sale of conventional combustion engine vehicles.
The Ford Focus Electric remains the same basic compliance vehicle launched for the 2012 model year, with only a boost in battery capacity last year to bring it to 114 miles of range. One avenue under consideration was the sale of Ford cars on Tmall.
Turkish plane skids off runway on Black Sea coast
The cause of the incident was not known but an investigation is under way, the Trabzon governor's office said. The incident happened on Monday morning, Australian time, at Trabzon airport in northeast Turkey .