American automaker Ford is planning to invest more than $11bn in electrification from 2015 to 2022.
The company said it will also expand its electrified vehicle lineup with a total of 40 vehicles globally, which will include 16 full battery electric vehicles by 2022.
Ford unveiled plans to enhance operational fitness, refocus capital allocation and speed up the introduction of smart vehicles and services.
The remains on track to deliver a full battery electric performance SUV that offers at least a 300-mile range, for launch in 2020.
The company is also making changes to the vehicles that are presently being produced and intends to improve its efficiency and business.
Ford is decreasing the number of orderable combinations on Escape, Fusion and EcoSport from thousands, to just 10 to 20 combinations for each vehicle, which will allow the company to improve costs by reducing manufacturing expense, lowering inventory and logistics expense and enhance quality.
Ford will continue its partnerships, alliances and acquisitions to enhance its competitiveness. It will continue its partnership with Mahindra in India and Zotye in China to develop vehicles and services suited for the markets.
In addition, it is planning to shift towards lower volume passenger car lineup in North America and Europe while competing in more profitable sub-segments. It intends to increase its SUV mix in the region and will reduce its passenger car portfolio by 10 percentage points.
Ford executive vice president and global markets president Jim Farley said: “We are actively evolving our position to be more competitive.
“At the highest level, we need to narrow our full lineup of nameplates to a more focused lineup that delivers stronger growth, less risk and better returns. We are repositioning the company to offer best-in-class, human-centered vehicles and mobility services. That’s our vision.”
Ford also mentioned that it is focused on building an autonomous vehicle business that includes purpose-built vehicles, along with self-driving technology and operational infrastructure in parallel. These are expected to allow the company in quickly scaling up and enter production by 2021.
