That's up from the $4.5 billion that Ford said in late 2015 it would invest through the end of the decade.
With reduced battery costs and increased regulatory requirements worldwide for internal combustion engines, the auto manufacturers are stepping up their investments on wholly electric models.
Of the 40 electrified models planned, 16 will be battery-only vehicles. "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them", the company says, adding that if it wants to be successful with electrification it has to do it with vehicles that are already popular.
GM Chief Executive Mary Barra has promised investors the Detroit automaker will make money selling electric cars by 2021.
Chairman Bill Ford has announced that the multinational automaker is greatly scaling up investment in the next generation automobiles aiming to add 40 hybrid and all-electric models to its line-up by 2022.
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The new hybrid range will be part of Ford's global electrification strategy, which will see "13 new global electrified vehicles" come ton market in the next five years.
As far as the hybrid F-150 is concerned, we know that it will be built alongside the regular pickup at Ford's Dearborn, Michigan facility, but Ford said today in Detroit that it's still "too early" to give out any concrete details.
The decision to develop a performance SUV first was partly down to a new division within Ford called Team Edison - a team of around 200 people established three months ago tasked with creating and developing Ford's autonomous and electric vehicles.
"We believe that man-made carbon dioxide contributes to climate change and we have a lot to do about it", said Raj Nair, Ford Motor's executive vice president and president of North America. One avenue under consideration was the sale of Ford cars on Tmall.
Some of the electric vehicles will be produced with Ford's JV in China aimed at the Chinese market.