Ford is reallocating one third of its internal combustion development budget into the electrification of its vehicles. Hackett said on Tuesday during a meeting with Wall Street analysts that Ford was late to focus on electric vehicles because it thought it was an all or nothing proposition. Ford President, Global Markets Jim Farley said Ford is developing more trucks in the authentic off-road capable category for the American market, like the new Bronco, and doubling down on commercial vehicles worldwide. Farley added that pure electric vehicles will be centered on segments where Ford already has a “strong revenue position,” including the crossover planned for 2019. He added that Ford subsidiary Argo AI is working on production ready autonomous platform, and that Ford won’t release a beta version before development is complete.

Source: Fox News October 04, 2017 11:26 UTC