A Ford logo is pictured at a store of the automaker, in Mexico City, Mexico, April 5, 2016. REUTERS/Edgard Garrido/File Photo
American automaker Ford plans to increase investment in the production of electric vehicles to $ 11 billion by 2022. On January 15, Reuters reported with reference to the chairman of the company Bill Ford.

“The investment figure is significantly higher than the previously announced target of $ 4.5 billion by 2020,” Ford executives said, “and includes the costs of developing specialized electric vehicle architectures.”

Thus, the company plans to expand the range of hybrids and electric vehicles to 40 items, of which 16 will be electric vehicles.

As noted by the publication, the cost of design, research and development of Ford in 2016 amounted to $ 7.3 billion, and in 2015 – $ 6.7 billion.

In October, Ford CEO Jim Hackett told investors that the automaker is planning to cut spending by $ 14 billion over the next five years and shift capital investments to the production of more trucks, electric vehicles and hybrids.