With the American auto industry in shambles, Ford Motor Company is looking to the future of its brand and the environment. According to CNN, Ford will be spending $550 million on a converting its former Wayne, Michigan SUV plant into a green facility that will produce fuel efficient vehicles and electric cars. Production will start in 2010 and according to the Ford, the converted factory will create 3,200 new jobs. 

“We’re changing from a company focused mainly on trucks and SUVs to a company with a balanced product lineup that includes even more high-quality, fuel-efficient small cars, hybrids and all-electric vehicles,” said Mark Fields, Ford’s president of The Americas, in a statement.

The future is here…almost.

Tesla Motors, the brand behind the sporty Lotus inspired electric car the Tesla Roadster recently leaked photos of its upcoming five-passenger, electric battery powered sedan, the Tesla Model S.

Taking styling cues from Maserati, pulling 0-60mph in about five seconds and clocking in 300 miles per charge, the Model S will start at a base price of $49,900 (after a $7,500 tax credit). The car charges in about four hours with fueling (charging?) costs coming it about $4 per charge.

Reservations are being taken now, but you’ll have to be patient as the Model S doesn’t go into production until 2011.