Ford is working to develop a hybrid version of its highly popular Mustang. The vehicle will be electrically-powered and will also have a gasoline engine. The company plans to put these automobiles on the road by 2020.

The automaker announced on Tuesday that it is also working on some other electric and hybrid vehicles. The planned hybrid Mustang will likely follow the Prius model where the electricity is generated by the vehicle itself, and the resulting energy is stored in the battery packs.

The company did not elaborate on the type of gasoline engine that the car will use. However, Ford suggested that the hybrid car will "deliver V8 power." Currently, Mustang is available in the market with different engine variants including V8 engine, V6 engine, and a four-cylinder engine.

Apart from Mustang, the company is also working on a hybrid version of its F-150 pickup. This vehicle will work in the lines of the Mustang and also generate power. Ford plans to introduce a plug-in hybrid Transit van which will only be available in the European market.

Its other offering is likely to be an all-electric SUV which will be able to provide a driving range of 300 miles on a single charge. The company said that it is also collaborating with the police to develop special hybrid vehicles for them.

"The industry is changing; the infrastructure is happening," Mark Field, CEO of Ford said. The company plans to build its 300 mile SUV at its Flat Rock, Michigan assembly plant. Ford said that it aspires to claim the leading position in the electric vehicle segment. The company introduced its first hybrid vehicle Escape in 2004.

Ford stated that its focus would be on maximizing productivity of commercial vehicles. It also plans to emphasize on increasing fuel economy in its vehicles and better performance for its sports cars.