Ford to focus on electric vehicles, autonomous tech in company shakeup

Ford has revealed plans to grow and increase profit margins by streamlining and transforming the company into a dominant player in next-generation automotive technology. On Wednesday, the Dearborn, Michigan-based firm said that expansion into the mobile area is moving apace, but more opportunities await the automaker in next-generation technologies -- including electric vehicles (EVs) and self-driving technology. Ford plans to grow the company through an enhanced focus on utility vehicles and heavy investment in "emerging opportunities," with the overall aim of becoming a leader in "electrification, autonomy and mobility," the firm said in a press release. By 2020, the automaker plans to spend at least 4.5 billion on EV technologies -- including hybrid models -- and introduce 13 new electric vehicles by 2020 with a focus on commercial transport, trucks, and performance vehicles. This will make up 40 percent of Ford's overall product lineup, highlighting how strongly the company believes EVs are the ticket to future success and profit.