With more and more consumers preferring to drive a hybrid or an electric vehicle (EV), automakers are also building their EV portfolio in order to meet the demands of future buyers.

One such automaker is Ford Motor Company whose CEO Mark Fields told reporters last week about plans to make more battery-powered vehicles that will go much further and compete with models from Tesla and General Motors.

"We want to make sure that we're either among the leaders or in a leadership position. When you look at some of the competitors and what they've announced, clearly, that's something we're developing for," said Fields.

Not disguising their desire to fast-track development of Ford EVs with longer range, Ford bought one of the first Tesla Model X electric SUV for almost $212,000 in a clear effort to learn as much as they can about EV and battery technology.

With research data indicating that consumers are willing to buy EVs as long as its range reaches 320 kilometers, Ford also announced plans that its next set of EVs will reach or surpass the 320 kilometer range on a single charge.

By year's end, Ford will introduce a new Focus Electric with an upgraded range now reaching 161 kilometers.

Ford will also inject $4.5 billion into the development and research of EVs in an effort to be able to launch and additional 13 more EVs and hybrids models to the market by 2020.

By then, this will make up 40% of the automaker's lineup of vehicles in the market.

Ford is expected to produce a model that they'll call "Model E" by 2019 at a new plant in Mexico announced last month, reports Automotive News.