Ford Will Invest US$20 Billion Into Its EV Unit

EV ultimo Team


Ford Will Invest US$20 Billion Into Its EV Unit

Ford will spend as much as $20 billion to reorganize its business for the electric future. The automaker is also mulling whether to spin off some of its EV business as a special acquisition company (SPAC) in order to attract more investment. Ford has previously stated that it would spend $30 billion on electric and autonomous vehicle development by 2025. Ford is reportedly putting former Apple and Tesla executive Doug Field in charge of the reorganization, which will include converting its factories from gas-powered to electric vehicle production and hiring more engineers. Ford CEO Jim Farley is trying to change that narrative with an effort to show that his company can compete. Ford recently announced that it was doubling production of its upcoming electric pickup truck, the F-150 Lightning, and tripling production for the Mustang Mach-E, with the expectation that it will reach over 200,000 units per year by 2023.