Last October, Jim Hackett, Ford's Chief Executive, informed the company's shareholders that it planned to cut back $14 billion over the next 5 years and that the company's investments would shift from sedans and internal combustion engines to increase the manufacturing of more trucks, and electric and hybrid cars.
The funding pledge is more than double the $4.5bn the company said it would invest between 2015 and 2020 on bringing new electric vehicles (EVs) to market.
So far, the name is just about all we know about that vehicle.
The American vehicle giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models.
Volkswagen said in November it would spend $40 billion on electric cars, autonomous driving and new mobility services by the end of 2022 - significantly more than when it announced two months earlier it would invest more than 20 billion euros on electric and self-driving cars through 2030.
"The 11 billion you're seeing means we're all-in now", Ford told reporters, adding that the only question is whether the customers will be there with them.
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Of the planned 40 electric models, 16 will be entirely electric.
Since then, however, Ford has becoming increasingly focused on electric and smart vehicles.
"We want to show that the company is electrifying all iconic vehicles", said Jim Farley, president of global markets for Ford.
Ford also announced that it would begin building a hybrid version of its popular F-150 pickup in Dearborn, Michigan by 2020.
No performance details on the Mach1 have been issued so far but the vehicle will use lithium-ion battery technology, while production will take place at one of Ford's facilities in Mexico rather than the United States, bosses said.