Ford Motor plans to invest up to $ 20 billion in the construction of its electric vehicles.
The $ 10 billion to $ 20 billion investment will be spread over the next five to ten years and will include the transition of its current factories around the world to the production of electric vehicles, the report said.
According to the plan entitled “Ford +”, meant to make investors treat the car manufacturer more like a technology company, the car manufacturer no. 2 in the US has already pledged to spend more than $ 30 billion on electric vehicles, including battery development, by 2030.
The person in charge of implementing the plan is a former director of Apple and Tesla, the report states. Doug Field, an Apple veteran who worked at Tesla, joined Ford last year to lead the carmaker’s advanced technology and embedded systems efforts.
Ford is investing in the future
The major carmakers at General Motors, Ford and Volvo Cars are making rapid changes to take their share of the pie in a competitive space for electric vehicles and fight the competitor of Tesla electric cars.
The report added that Ford assessed the division of a small portion of its electric vehicle business as part of the reorganization to capture 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 software for electric vehicles, the report said, pointing to the growing importance of software and digital connectivity in the industry. auto.
“We are fulfilling our ambitious Ford + plan to transform the company and thrive in the new era of connected electric vehicles,” the company spokesman said.
Ford shares rose up 2.7% following the announcement.