'All in': Ford pledges to more than double green vehicle investment

"This $11 billion you're seeing, that means we're all in now", Executive Chairman Bill Ford told reporters in Detroit. The auto manufacturer has announced that it's significantly increasing its planned investment into electric cars.

The Detroit-based company previously said that it would invest 4.5 billion US dollars in electric products by 2020, and on Sunday it said that this number would rise to 11 billion dollars.

By 2022, the concern should have a total of 40 models that will be either fully electric or hybrid.

Tesla Inc 's success in creating electric sedans and SUVs that inspire would-be owners to line up outside showrooms and flood the company with orders.

After electric-vehicle darling Tesla Inc. surpassed Ford in market value past year, the second-largest US automaker replaced then-Chief Executive Officer Mark Fields. It's going to invest $11 billion by 2022 and will offer 40 hybrid and fully electric cars in its lineup.

The new Ford Mustang Bullitt may have been a surprise, but it was the second announcement at Ford's Detroit Auto Show keynote speech that left most of us...

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Since then, however, Ford has becoming increasingly focused on electric and smart vehicles. Ford has previously said it will make hybrid versions of the Mustang and of the F-150.

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.

"What we learned from this first cycle of electrification is people want really nice products", Farley said.

The plan was finalized in recent months after an extensive review, a person familiar with the process said.

Last October Ford formed "Team Edison" to "own the strategy, own the planning, and interface into the trend" of EV development and production.

China, India, France and the United Kingdom all have announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040.

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