NEW YORK (MarketWatch) -- Ford Motor Co. /zigman2/quotes/208911460/composite F -1.56% is spending $1 billion to buff up its struggling Lincoln brand and is developing a new generation of vehicles to roll out over the next four years, according to a report Monday. The Wall Street Journal said that the Dearborn, Mich. automaker is working on seven new or upgraded Lincoln vehicles and that it hopes to reposition the brand as a cross between BMW AG and Toyota Motor Corp.'s /zigman2/quotes/207653022/delayed TOYOF -0.79% /zigman2/quotes/200537742/composite TM -0.77% Lexus car. Mark Fields, Ford's president of the Americas, said at a presentation two weeks ago that the effort is the last chance to re-establish Lincoln as a leading competitor in the luxury car segment, according to three dealers who attended the meeting. Lincoln sold 85,838 cars and light trucks in 2010 and Ford executives said at the meeting that sales are likely to fall to 78,000 vehicles this year. The seven new models are expected to provide a lift in sales to 162,000 in 2015. Ford stock was down 0.6% in premarket trading.