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Ford rolling out hybrid versions of its iconic Mustang and F-150

Ford Motor is going green with its classic Mustang and F-150 brands. The automaker plans to roll out hybrid versions of those vehicles within the next five years.

It's just part of the company's bigger plan to invest 4.5 billion in electrification by 2020. It will also introduce a fully electric small SUV, a hybrid Transit Custom van, a high-volume autonomous vehicle for commercial ride hailing and two "pursuit-rated" hybrid police vehicles.

The hybrid Mustang promises to deliver V8 power.

"Our investments and expanding lineup reflect our view that global offerings of electrified vehicles will exceed gasoline-powered vehicles within the next 15 years," Ford CEO Mark Fields said in a statement.

The announcement was made alongside the automaker's statement that it will cancel production of a $1.6 billion plant in Mexico and will instead invest $700 million in Flat Rock, Michigan.

The U.S. auto giant said it will add 700 direct new jobs in Flat Rock to produce high-tech electrified and autonomous vehicles, plus the Ford Mustang and Lincoln Continental.

President-elect Donald Trump had pressured Ford to keep manufacturing jobs in the U.S., but Fields told CNBC on Tuesday the decision not move forward with its San Luis Potosi, Mexico, plant was due to market demand.

The U.S. automaker also said it is piloting wireless technology that makes recharging an electric vehicle "as easy as pulling into a parking spot."