The company is also working on autonomous cars but Ford's new CEO, Jim Hackett, made it clear on Tuesday he had no plans to rush a vehicle to market before it was entirely safe. "I dont think we should walk off a ledge where we destroy the earnings power of the company", Hackett said, saying Ford is planning for a third of vehicles to still have internal combustion engines by 2030 - the year some European governments have proposed banning petroleum fueled cars.
Ford will add new SUVs across global markets, including more rugged, off-road entries in the US - where Fiat Chrysler Automobiles NV's Jeep brand now dominates that category - as well as larger SUVs in China and other developing markets.
"We must accept the virtues that brought us success over the past century are really no guarantee of future success", he noted at one point in his presentation.
Every auto company is attempting to figure out that future, in which electrified vehicles, increasing autonomy, pervasive connectivity, and car-sharing all blend together in unpredictable ways.
When Hackett was appointed, he carried out a 100-day review to assess the firm's strategy. Hackett indicated $7bn (£5.3bn) would be committed towards the latter categories, which proved to be some of the company's most successful products a year ago and were the main driver of growth in sales in the North American market.
It already has begun reallocating $7 billion from cars to SUVs and trucks, as is evident from Ford's discontinuing the Fiesta in the U.S.
He said he was impressed by the talent at Ford, but wants to update factories and speed product development and decision-making. Shares of Ford gained 0.6% after ending the regular trading session up 2.1%.
GM on Monday said it planned to launch 20 new all-electric vehicles by 2023.
Ford reiterated its long-term goal remains an 8% automotive operating margin, adding it will embrace the "profound technological changes" and new competition "buffeting the industry". This builds on Ford's earlier commitment to deliver 13 new electric vehicles in the next five years, including the F-150 Hybrid, Mustang Hybrid, Transit Custom plug-in hybrid, an autonomous vehicle hybrid, Ford Police Responder Hybrid Sedan and a fully electric small SUV.
What do you make of Ford's plans?
The company claims that by using virtual assembly lines, it can save up to 25% of time spent on development processes.
Electric vehicle adoption is getting a boost this year, thanks to the introduction of the 238-mile Chevrolet Bolt and the 220-mile Tesla Model 3, both with base prices in the mid-30s.