Published Date : Jan 16, 2018
The automotive industry is witnessing unprecedented developments with several prominent multinational automakers planning to electrify their vehicles lineup in the coming years, in a bid to phase out internal combustion engines. There have been a spate of investments by some of the biggest players pledging to develop or release all-electric vehicles or hybrid ones by the early next decade. Behemoths such as General Motors (GM), Toyota, Daimler, Jaguar Land Rover, and Volkswagen Group have committed multibillion dollar investments to give a tough competition to Tesla’s electric lineup. Ford Motors is one such player who is actively focusing on electric vehicles and intends to electrify their mainstream vehicles. The Michigan-based multinational automaker at the Detroit Auto Show on January 14, announced to invest US$11 billion by 2022 end, more than doubling its investment from 2015.
Spate of Investments by Auto Giants to Electrify Vehicle Lineup Ups the Ante
The Chairman, Bill Ford, plans to roll out 40 electric vehicles by the next five year, with 16 of them being fully electric vehicles. With GM planning to launch 20 new electric vehicles by 2023 end, this has already upped the ante in the market. The current surge in investment by Ford is likely to intensify the competition in the automotive market further.
According to a recent keynote address by Ford CEO, the company will, tentatively by the end of this quarter, begin testing its autonomous network concept under its new business model in a city not yet declared. Of note, the program will use insights from its partnership with Domino’s Pizza and will be carried out in collaboration with Postmates, a San Francisco-based on-demand delivery startup, the CEO hinted.
In economies such as China, France, India, the United Kingdom, similar initiatives by auto giants have come up in a strategy to conform to regional regulations pertaining to bringing down environmental pollution from internal combustion engines or fossil fuel-powered vehicles.