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.