Ford will invest $4.5 billion in electric cars

Dearborn, Mich. – Ford Motor Co wants to develop ride hailing services that could compete with existing players such as Uber or Lyft, the company’s head of research said Thursday.

“Our vision is to be a mobility service provider, beyond building a vehicle that would be in somebody else’s fleet,” said Ken Washington, Ford’s vice president of research. “We see this as a business we want to be in.”

Ford also announced that it will spend billions on its electric-car ambitions.