Ford has announced it will invest US$4.5 billion (AU$6.2 billion) in the development of new electric vehicles, with 13 EVs planned to launch within the next five years.
In a presentation at the company's headquarters in Deaborn, Michigan, Ford CEO Mark Fields also said around 40 percent of Ford's range of cars will provide some level of electrification by 2020.
It's a bold goal, but Ford is putting its money where its mouth is - this is the largest five-year investment in electric vehicles in Ford's history.
And with increasingly stringent emissions legislation, Ford is also betting heavily on EV technology to help it achieve its emissions targets.
A shift in consumer preference has prompted this shift within Ford, with Fields stating that plug-in hybrids will experience "the highest growth for consumers by 2018".
The company also says its EV investment also "addresses global trends calling for cleaner, more efficient vehicles".
Details on precisely which EV models will debut over the next half-decade have yet to be made clear, but chief among these will be the next generation Focus Electric (above).
Expected to go into production in late 2016, the new Focus Electric - which is currently sold in the USA - will boast a fast-charging function that can deliver a 80 percent charge in just half an hour, equating to around 160km of range.
Beyond launching new vehicles, Ford's EV fund will also pay for an expansion of its battery research operations in Europe and China.
MORE: Ford News and Reviews