Ford to Make New Investment of Up to $20 Billion in Electric-Vehicle Push: Report

Ford, GM, Volvo, and others are swiftly making changes to take their piece of the pie in a competitive EV space.

Ford to Make New Investment of Up to $20 Billion in Electric-Vehicle Push: Report

Ford has evaluated spinning off a small portion of its EV business as a part of the reorganisation

Highlights
  • The latest push is being led by a former Apple and Tesla executive
  • The new plan also includes hiring an unspecified number of engineers
  • Ford's shares rose as much as 2.7 percent on Tuesday

Ford Motor is planning additional investment of up to $20 billion (roughly Rs. 1,49,935 crore) in building its electric vehicles, Bloomberg News reported on Tuesday.

The investment of $10 billion (roughly Rs. 74,940 crore) to $20 billion (roughly Rs. 1,49,935 crore) will be spread out over the next five to ten years and will include converting its present factories around the world to electric-vehicle production, the report said, citing people familiar with the plan.

Under a plan dubbed "Ford+" meant to have investors value it more like a technology company, the No. 2 US automaker had already pledged to spend over $30 billion (roughly Rs. 224860 crore) on EVs, including battery development, by 2030.

The latest push is being led by a former Apple and Tesla executive, the report said. Doug Field, an Apple veteran who had worked at Tesla, joined Ford last year to lead the automaker's advanced technology and embedded systems efforts.

Major automakers from General Motors, Ford, and Volvo Cars are swiftly making changes to take their piece of the pie in a competitive EV space and fight against electric car challenger Tesla.

The report added Ford has evaluated spinning off a small portion of its EV business as a part of the reorganisation, to capture value in an electric startup 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 rising importance of software and digital connectivity in the auto industry.

"We're carrying out our ambitious Ford+ plan to transform the company and thrive in the new era of connected, electric vehicles," the company's spokesman said, adding they do not comment on rumors and speculations.

Ford's shares rose as much as 2.7 percent on Tuesday.

© Thomson Reuters 2022


Why is 5G taking so long? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Noise ColorFit Icon Buzz Smartwatch With Bluetooth Calling, 7-Day Battery Life Launched in India
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2023. All rights reserved.