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.