Photo: Bill Pugliano / Getty Images

Ford Motor Co. plans to increase its investment in electric and hybrid vehicles to reach $11 billion by 2022, a major boost over previously announced plans to spend $4.5 billion by 2020, executives said Sunday at the Detroit auto show.

Why it matters: The expanded investment is another sign of how the world’s biggest car companies see electric vehicles eventually becoming a major market segment.

The company plans to expand its offerings to reach 40 electric and plug-in hybrid vehicles, including 16 fully electric models, according to accounts in Reuters, Bloomberg and elsewhere.

Electric vehicles are currently a minuscule portion of the global fleet, representing less than a percent of light-duty vehicles worldwide. But a number of countries — including China, the world’s largest auto market — are taking steps to expand their market penetration in the coming years and decades.

Last year the U.K. and France announced plans to phase out sales of gasoline- and diesel-powered vehicles by 2040. Forecasts vary, but on the more bullish side, the firm Bloomberg New Energy Finance projects that electric vehicles will account for 54 percent of new light duty vehicle sales worldwide by 2040.

“We’re all in on this and we’re taking our mainstream vehicles, our most iconic vehicles, and we’re electrifying them... If we want to be successful with electrification, we have to do it with vehicles that are already popular.”
— Chairman Bill Ford to reporters at the show, according to Reuters

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New York City schools will not fully reopen in fall

Photo: Spencer Platt/Getty Images

New York City Mayor Bill de Blasio announced at a press conference on Wednesday that schools will not fully reopen in fall, and will instead adopt a hybrid model that will limit in-person attendance to just one to three days a week.

Why it matters: New York City, once the epicenter of the coronavirus outbreak in the United States, is home to the nation's largest public school district — totaling 1,800 schools and 1.1 million students, according to the New York Times. The partial reopening plan could prevent hundreds of thousands of parents from fully returning to work.

Treasury blames lenders for PPP disclosure debacle

Illustration: Aïda Amer/Axios

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 11,863,477 — Total deaths: 544,949 — Total recoveries — 6,483,402Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 2,996,679 — Total deaths: 131,486 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: How the pandemic changed mobility habits, by state.
  5. Education: Harvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.