Bloomberg News reported on Tuesday that Ford Motor Company (F.N) is contemplating an additional $20 billion investment in the development of electric vehicles.
According to the article, which cited sources familiar with the plan, the $10 billion to $20 billion investment will be spaced out over the next five to ten years and will include transitioning current factories throughout the world to electric vehicle manufacture.
The No. 2 U.S. automaker has already vowed to spend over $30 billion on EVs, including battery development, by 2030 under a plan dubbed “Ford+” aimed to help investors value it more like a technology business.
According to the story, the latest campaign is being led by a former Apple Inc (AAPL.O) and Tesla (TSLA.O) executive. Doug Field, a former Apple employee who previously worked at Tesla, joined Ford last year as the company’s advanced technology and embedded systems director.
Major automakers like as General Motors Co (GM.N), Ford, and Volvo Cars (VOLCARb.ST) are making rapid adjustments to get a piece of the pie in the competitive EV market and compete against Tesla Inc. (TSLA.O).
Ford has considered spinning off a tiny section of its electric vehicle business as part of the reorganization, according to the report, to capture value in an electric startup environment buoyed by investor confidence.
According to the source, the new strategy also includes recruiting an undefined number of engineers to work on ideas like battery chemistry, artificial intelligence, and electric vehicle software, underlining the growing importance of software and digital connectivity in the automotive sector.
“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.