As reported by Reuters, the new figure is far higher than Ford has previously intended. It's going to invest $11 billion by 2022 and will offer 40 hybrid and fully electric cars in its lineup.
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.
The manufacturer plans to release 40 hybrid and fully electric cars by this point.
General Motors Co, Toyota Motor Corp 7203.T and Volkswagen AG have already outlined aggressive plans to expand their electric vehicle offerings and target consumers who want luxury, performance and an SUV body style - or all three attributes in the same vehicle.
"What we learned from this first cycle of electrification is people want really nice products", Farley said.More news: Alabama offensive coordinator leaves Crimson Tide for National Football League job
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"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.
Ford's team working on the new electric vehicles have declared their missions are to "think big" and "make quicker decisions" in the coming years.
"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.
Ford also announced Sunday that by 2020, it would build a hybrid F-150 pickup, its bestselling vehicle.
Last October Ford formed "Team Edison" to "own the strategy, own the planning, and interface into the trend" of EV development and production.
Some of the electric vehicles will be produced with Ford's JV in China aimed at the Chinese market.