Jan 15, 2018

Ford plans 16 fully electric vehicle models by 2022

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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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 932,605 — Total deaths: 46,809 — Total recoveries: 193,177Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 213,372 — Total deaths: 4,757 — Total recoveries: 8,474Map.
  3. Business updates: Very small businesses are bearing the brunt of the coronavirus job crisis.
  4. World update: Spain’s confirmed cases surpassed 100,000, and the nation saw its biggest daily death toll so far. More than 500 people were reported dead within the last 24 hours in the U.K., per Johns Hopkins.
  5. State updates: Florida and Pennsylvania are the latest states to issue stay-at-home orders — Michigan has more than 9,000 confirmed cases, an increase of 1,200 and 78 new deaths in 24 hours.
  6. Stock market updates: Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: Spain's health care system overloaded

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Two planes with protective equipment arrived to restock Spain’s overloaded public health system on Wednesday as confirmed cases surpassed 100,000 and the nation saw its biggest death toll so far, Reuters reports.

The big picture: COVID-19 cases surged past 900,000 and the global death toll surpassed 45,000 early Wednesday, per Johns Hopkins data. Italy has reported more than 12,000 deaths.

Go deeperArrowUpdated 3 hours ago - Health

FBI sees record number of gun background checks amid coronavirus

Guns on display at a store in Manassas, Va. Photo: Yasin Ozturk / Anadolu Agency via Getty

The FBI processed a record 3.7 million gun background checks in March — more than any month previously reported, according to the agency's latest data.

Driving the news: The spike's timing suggests it may be driven at least in part by the coronavirus.