Citing people familiar with the plan, the report said the $10 billion to $20 billion investment would be spread over the next five to ten years and would include converting its current factories around the world to electric-vehicle production.
see photosFord evaluates spinning off a small portion of its EV business as part of a restructuring
Ford Motor Co. is planning an additional investment of up to $20 billion in manufacturing its electric vehicles, Bloomberg News reported on Tuesday. Citing people familiar with the plan, the report said the $10 billion to $20 billion investment would be spread over the next five to ten years and would include converting its current factories around the world to electric-vehicle production.
Under a plan called “Ford Plus,” which means investors value it more like a technology company, the No. 2 US automaker has already pledged to spend more than $30 billion on EVs, including battery development, by 2030. did.
The latest push is being led by a former executive of Apple Inc and Tesla, the report said. Apple veteran Doug Field, who worked at Tesla, joined Ford last year to lead the automaker’s advanced technology and embedded systems efforts.
The new plan also includes hiring an unspecified number of engineers to work on concepts such as battery chemistry, artificial intelligence and EV software.
Major automakers, including General Motors Co., Ford and Volvo Cars, are rapidly transitioning to take their share in the competitive EV space and battle it out against electric car challenger Tesla Inc.
The report said Ford is evaluating spinning off a small portion of its EV business as part of a restructuring, to gain value in an electric startup environment fueled by investor sentiment.
The new plan also includes hiring an unspecified number of engineers to work on concepts such as battery chemistry, artificial intelligence and EV software, reflecting the growing importance of software and digital connectivity in the auto industry, the report said. .
“We are executing on our ambitious Ford+ plan to transform the company and thrive in the new era of connected, electric vehicles,” a company spokesperson said. He said that he does not comment on rumors and speculations.
Ford shares climbed up to 2.7% on Tuesday.
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