Story at a glance
- The U.S. automaker is reportedly strategizing to spend $10 billion to $20 billion over the next five to 10 years to shift its factories around the world to electric-vehicle production, according to Bloomberg.
- The plan includes a reworked company organizational chart and the hiring of more engineers specialized in battery technology, artificial technology and EV software.
- Bloomberg also reports Ford is considering spinning off some of its EV business as a special acquisition company (SPAC) to attract investors.
Ford is reportedly planning to make additional investments of up to $20 billion over the next decade as part of a major company reorganization to produce electric vehicles.
The U.S. automaker is reportedly strategizing to spend $10 billion to $20 billion over the next five to 10 years to shift its factories around the world to electric-vehicle (EV) production, Bloomberg reported, citing people familiar with the plan. The plan includes a reworked company organizational chart and the hiring of more engineers specialized in battery technology, artificial technology and EV software, according to the outlet.
The reorganization effort will reportedly be led by former Apple and Tesla executive Doug Field in an effort to catch up to Tesla, the most valuable car maker in the world and EV innovator.
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Bloomberg also reports Ford is considering spinning off some of its EV business as a special acquisition company to attract investors.
The reported investment is in addition to the $30 billion Ford is spending on electric and autonomous vehicle production through 2025 as part of its Ford+ plan, which the company first announced last year.
“We’ve been pretty outspoke about and ambitious in carrying out our Ford+ plan to transform the company and thrive in the new era of connected, electric vehicles. Both of those things, especially the latter, will continue. Beyond that, we typically don’t comment on rumor and speculation,” Ford spokesperson T.R. Reid told Changing America in an email when asked to confirm the report.
The move comes as major automakers across the globe are making huge investments to be competitive in the EV market. Earlier this month, Ford rival General Motors announced it is making a $7 billion investment in four new Michigan EV manufacturing plants to be the “market leader” by 2025.
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