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

Go deeper

Trump's 2 chilling debate warnings

Photo: Morry Gash/Pool via Getty Images

One of the few groups in America with anything to celebrate after last night's loud, ugly, rowdy presidential "debate" was the violent, far-right Proud Boys, after President Trump pointedly refused to condemn white supremacist groups.

Why it matters: This was a for-the-history-books moment in a debate that was mostly headache-inducing noise. Trump failed to condemn racist groups after four months when millions marched for racial justice in the country's largest wave of activism in half a century.

Ina Fried, author of Login
50 mins ago - Technology

Candidates go online to cut through debate noise

Photo: Saul Loeb/AFP via Getty Images

While President Trump and Joe Biden fought to be heard in a rowdy debate Tuesday, both campaigns sought to draw digital battle lines and occupy online turf they could have all to themselves.

The big picture: Trump's impulsive Twitter style made a shambles of the debate format, but online the candidates were able to find niches where they couldn't be interrupted — and could motivate their supporters to donate, organize and turn out to vote.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Shell plans up to 9,000 job cuts by 2022

A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell will shed up to 9,000 jobs as it undergoes a long-term restructuring around climate-friendly energy sources and continues to grapple with the coronavirus pandemic that has battered the oil industry.

Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.