Ford to allocate $4.5 billion in developing electric car

Ford Motor Co. announced a $4.5 billion investment aimed at creating more capable electric version of the Focus small car in 2016, the first of 13 new electric vehicles it pledged to develop in the next four years. The move came as carmakers, including General Motors Co., have committed to offering a wider array of long-range electric cars even as low gasoline prices decreases demand for more efficient automobiles. The upgraded Focus, which can travel 100 miles on a charge, will be produced late next year. It will also be equipped with new technology enabling drivers to charge the battery 80% in 30 minutes.

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