Ford to make new investment of up to $20 billion in EV push: report

Ford Motor Co plans to invest up to $20 billion more in building its electric vehicles, Bloomberg News reported on Tuesday. The $10-20 billion investment will be spread over the next five to 10 years and will include converting its current factories around the world to electric vehicle production, according to the report, citing people familiar with the project.

Under a plan dubbed “Ford+” intended to make investors value it more as a tech company, the No. 2 U.S. automaker had already pledged to spend more than $30 billion on electric vehicles , including battery development, by 2030.

The latest push is led by a former Apple Inc and Tesla executive, according to the report. Doug Field, an Apple veteran who had worked at Tesla, joined Ford last year to lead the automaker’s efforts in advanced technology and in-vehicle systems.

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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 General Motors Co, Ford and Volvo Cars are rapidly making changes to take their slice of the pie in a competitive EV space and battle electric car challenger Tesla Inc.

The report adds that Ford has been evaluating the spin-off of a small portion of its electric vehicle business as part of the reorganization, in order to capture value in an electric start-up environment boosted 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, the report said, indicating the growing importance of software and digital connectivity in the automotive industry.

“We are delivering on our ambitious Ford+ plan to transform the business and thrive in the new era of connected electric vehicles,” the company spokesperson said, adding that they do not comment on rumors and speculation.

Ford shares rose 2.7% on Tuesday.

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