No word yet on which models Ford plans to electrify, but the Mustang certainly qualifies as iconic in our book.

Detroit - Ford will increase its investment in electrification, spending $11 billion (R136bn) by 2022 to create hybrid and all-electric versions of its vehicles, the company announced at the Detroit Auto Show on Sunday.

Ford executive James Farley said the increased expenditure essentially doubles and extends Ford's previous $4.5 billion investment in electrification until 2020.

The American car giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models. The company currently offers just one fully electric vehicle. 

"What we learned from this first cycle of electrification is people want really nice products," Farley said. 

"We're starting to telegraph where we're going to play in the electrified business around the world," he said. "And that is to electrify our iconic nameplates that tend to be higher transaction price vehicles."

Ford also announced that it would begin building a hybrid version of its popular F-150 pickup in Dearborn, Michigan by 2020. It hinted at a fully electric car to come in that same year, but did not provide specifics. 

Agence France-Presse