Ford to Invest Up to $20 Billion in Electric-Vehicle Push: Report
According to Bloomberg News, Ford Motor is planning an additional investment of as much as $20 billion to build electric cars. The acquisition of $10 billion to 20 billion is divided over five to 10 years. According to the report, it will also include converting its existing factories throughout the world into electric vehicles, according to people familiar with the plan. Under the program, known as “Ford+” meant to make investors see it more as a tech company, the number. 2 US automakers have already committed to spending more than 30 billion dollars on EVs and battery technology and production by 2030.
According to the report, the latest initiative is headed by a former Apple and Tesla executive. Doug Field, an Apple veteran, who previously worked for Tesla and Tesla, joined Ford in the last year to head the company’s technological advancement as well as embedded system efforts. Major automakers such as General Motors, Ford, and Volvo Cars are swiftly making changes to ensure they get their piece from a highly competitive electric vehicle market and compete with Tesla’s electric car rival Tesla.
The report also stated that Ford has looked into the possibility of spinning off a small part of their EV business as part of the restructuring to maximise value in an electric startup environment fueled by investor sentiment. In addition, the plan includes hiring several unspecified engineers to develop ideas like battery chemical chemistry, artificial intelligence, and EV software, according to the report, which highlighted the increasing importance of digital and software connectivity in the automotive business.
“We are transporting out our ambitious Ford intends to transform the organization and thrive within the new trend of connected, electric vehicles,” the business’s spokesman stated, adding they don’t discuss rumours and speculations. Ford’s shares rose around 2.7 % on Tuesday.