Ford Motor Co. laid out a more ambitious mid-decade plan that includes a 25 percent increase in projected capital spending, to take advantage of growing automotive demand worldwide, as well as the possibility of a higher dividend.

The No. 2 U.S. automaker expects capital expenditures to be around $7.5 billion by mid-decade, up from its previous aim of $6 billion, Ford said in an investor presentation.

Ford also plans to return more capital to shareholders in the form of a dividend that would increase with the company's earnings and could be sustained even during an economic downturn.