Ford has reiterated its commitment to electric and hybrid vehicles, promising to invest $11 billion by 2022.

In a presentation at the Consumer Electronics Show in Las Vegas over the weekend, Jim Farley, president of global markets, said Ford would add by that year 40 electrified vehicles, 16 battery electric and 24 plug-in hybrids. The $11 billion trumps a previously announced number of $4.5 billion. Other announcements made were a planned Ford F-150 hybrid and Mach 1 electric vehicle due in 2020.

“We’re going to electrify even our most iconic vehicles,” said Bill Ford, Ford chairman, at a media event at the Cobo Center. “The only question is, will the customer be there with us?”

“The real news for me is not just the doubling of investment, it’s where we’re playing,” said Farley in a statement to reporters. “We’re starting to telegraph where we’re going to play in electrified business around the world, and that is to electrify iconic nameplates, and it’s going to be higher transaction-price vehicles.”

To bolster its efforts, Ford recently assembled a new in-house cross-functional team, Team Edison, with the sole objective of researching and developing electric cars, as well as strategy, marketing, and partnerships, spurring rumors of a pending acquisition of Lucid Motors. In late Nov. 2017, Ford also announced a joint venture with Chinese electric car company Zotye Automobile Co to form Zotye Ford Automobile Co Ltd, to build and distribute all-electric vehicles in China.

It is a heated arms race between the major automakers in the quest for near-future all-electric and hybrid vehicle market share. In a similar move, General Motors also announced a 20-model electrification plan by 2023. Volkswagen also upped its ante, committing to double its original investment amount of $20 billion on electrification, self-driving, and mobility vehicles by 2022. On the battery front, Toyota is also focused on introducing fuel cell technology to the masses with investments in research and development efforts looking to cut battery costs.