Ford is looking to accelerate its push into the electric vehicle market as it struggles to keep up with rivals´ efforts.
The car maker has pledged to more than double the amount it is spending on electric vehicle development over the next couple of years.
Ford is now earmarking $11bn in investment by 2020, up from $4.5bn previously, as it looks to launch 40 hybrid and fully electric vehicles by 2022.
There are broad signs that the race to deliver the next generation of electric vehicles has heated up this week, with rival General Motors appearing to have gone a step further than Ford, seeking regulatory permission to get a self-driving, electric vehicle on US roads by 2019.
Traditional car makers may have a relatively narrow window to act if they are to stop the march of all-electric vehicle maker Tesla.
While Tesla´s production forecasts have been thrown into doubt due to teething problems of its mass market Model 3, the company could still be able to steal an important lead on the traditional auto names if it can get its production on track over the next few months.
Jim Hackett, who assumed the reins as Ford chief executive last year, also promised in October to cut costs by $14bn over the next five years as part of a wider strategy as Ford switches capital investment towards trucks and electric and hybrid cars, away from traditional sedans and vehicles powered by combustion engines.
Having outlined its move to dramatically increase investment in electric vehicles this week, Ford also appears likely to ramp up cost-cutting efforts as part of the wider business refocus.
Ford´s shares have lagged those of rival General Motors over the past year, with the latter buoyed by positive investor sentiment on its aggressive push into developing electric and self-driving cars.
While GM share are up by around 47% over the one-year period, Ford´s share price is little changed, despite some volatility along the way.