(CNN Money) — Ford said it plans to start selling an all-electric high-performance SUV in 2020 called the Mach 1.
The name is significant not just because it invokes the speed of sound — the Mach 1 name was used on high performance Mustang sports cars starting in the 1960s.
So far, the name is just about all we know about that vehicle. But the automaker did say at the Detroit Auto show that the Mach 1 will be part of its increased push into electric vehicles. Ford said it will invest $11 billion to create 40 new electric and hybrid vehicles that will be available by 2022.
Sixteen of those, including the Mach 1, will be all-electric. Ford has previously said it will make hybrid versions of the Mustang and of the F-150. The hybrid F-150 also has the ability to generate power that can be used for other electric equipment, like lights, saws and pumps.
This new announcement more than doubles Ford’s previous commitment to spend $4.5 billion on electrified vehicles. It comes as various countries around the world are demanding more hybrid and electric vehicles in order to reduce the emissions of greenhouse gases and other pollutants from automobiles.
Ford has said before that it plans to greatly reduce the amount it spends on traditional internal combustion cars so that it can shift more money toward electric cars and autonomous technologies.