Ford is planning to spend $4.5 Billion more on electric cars By 2020

Ford Focus Electric Car - 2020 Plans

Ford Motor has announced plans to spend an additional $4.5 billion by 2020 in programs to broaden its offerings of hybrids and electric vehicles, Chief Executive Officer Mark Fields said Thursday.

The company will release a new version of its Ford Focus electric car in 2016. The car has a 100-mile range and can recharge in 30 minutes.

Ford hopes to debut 13 new plug-in hybrid, hybrid or electric vehicles to its lineup by 2020.

Fields says his company’s research points to hybrid systems as the number one preference among customers. Hybrid vehicles provide plug-in electric travel with a backup gasoline system for longer range travel without need for a recharge.

The batteries for plug-in hybrids are not as heavy or expensive as those required to deliver 200-mile or more range in an all-electric vehicle, which allows Ford to sell cheaper alternative to environmentally conscious customers.

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Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business. He can be reached at Student Loan Ninja