No performance details on the Mach1 have been issued so far but the vehicle will use lithium-ion battery technology, while production will take place at one of Ford's facilities in Mexico rather than the United States, bosses said.
BMW plans to have 25 "fully electric" and "plug-in hybrids" available by 2025.
In a discussion with Motor Authority, Ford spokesperson Said Deep said the cherished name is not 100-percent locked in for the electric SUV.
USA auto giant Ford has revealed an $11 billion investment in electric cars.
Ford Motor Co. says it's doubling its investment in electric and hybrid vehicles and plans to introduce 40 by 2022.
Earlier during the Detroit show, Ford significantly ramped up its investment in electric vehicles from $5bn to $11bn. The company has already pledged a whopping $11 billion towards the initiative, which will go towards the development of both the Mach 1 mentioned here, an autonomous electric ride-sharing vehicle, and a few others. Ford has previously said it will make hybrid versions of the Mustang and of the F-150.
In a report via the BBC, Ford has announced plans for a major expansion in the electric auto industry. Since its 2011 unveiling, the vehicle has become the best-selling mid-size pickup in Europe, South Africa and New Zealand, and it jumped from No. 5 to No. 2 sales globally, according to Raj Nair, president of Ford North America.
"What we learned from this first cycle of electrification is people want really nice products", Farley said. Last May, it replaced chief executive officer Mark Fields with Jim Hackett, who was previously in charge of its self-driving vehicle subsidiary Ford Smart Mobility. Europe will see three BEVs, and Asia Pacific will see a total of 13 BEVs by 2022-including vehicles launched as part of the new Zotye Ford Automobile joint venture.
China, India, France and the United Kingdom all have announced plans to phase out vehicles powered by combustion engines and fossil fuels between 2030 and 2040. Since they are not all-electric, buyers get to fall back on more traditional engine types - in case those electric motors don't work well.