According to the company's chairman, Bill Ford, the automotive giant is planning to increase its investment in electric vehicles from $4.5billion to $11billion by 2022, with 40 hybrid and fully electric vehicles in its model line-up.
GM Chief Executive Mary Barra has led a dramatic overhaul of the No. 1 USA automaker, selling its unprofitable European operations, exiting troubled Asian markets, and giving the green light to investments in self-driving vehicles and an expanded portfolio of electric vehicles.
Speaking at the Detroit Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars. "We're not thinking about electric vehicles from a compliance perspective", Farley said.
Reuters reported that Ford Motor Co's plan to double its electrified vehicle spending is part of an investment tsunami in batteries and electric cars by global automakers that now totals United States dollars 90 billion and is still growing.
"We have a lot of new products coming in the next two years", he said, including 25 new-vehicle launches and a refresh of more than one-third of the Ford portfolio before the end of the decade.
Reuters estimates automakers have now committed a global total of at least $90 billion to building electric cars. Ford's engineering, research and development expenses for 2016, the last full year available, were $7.3 billion, up from $6.7 billion in 2015.
The carmaker needs to make savings in "every part" of the business, global markets president Jim Farley said. "We think they will".
Ford and other automakers have been upping SUV and truck production to address a shift away from passenger cars in the U.S.
GM said past year it would add 20 new battery electric and fuel cell vehicles to its global lineup by 2023, financed by robust profits from traditional internal combustion engine vehicles in the United States and China.
"What we learned from this first cycle of electrification is people want really nice products", Farley said.
"The big question is how quickly consumers will adapt, as electric is only 1% of the market right now".