Ford, GM, Volvo, and others are making rapid modifications to gain a piece of the EV pie in a crowded market. Bloomberg News reported on Tuesday that Ford Motor is proposing an extra investment of up to $20 billion (approximately Rs. 1,49,935 crore) in its electric vehicles.
The investment of $10 billion (approximately Rs. 74,940 crores) to $20 billion (about Rs. 1,49,935 crore) will be spaced out over the next five to ten years, according to the latest report. And it will include transitioning its present factories throughout the world to electric-vehicle manufacture.
The No. 2 US manufacturer has already vowed to spend over $30 billion (approximately Rs. 224860 crores) on EVs, including battery development, by 2030 under a plan dubbed “Ford+” aimed at making it more valuable to investors as a technology firm.
According to the story, the latest campaign gets led by a former Apple and Tesla 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 manufacturers such as General Motors, Ford, and Volvo Cars are undertaking rapid modifications to compete with rival Tesla in a competitive EV market.
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 encouraged by investor sentiment.
According to the source, the new strategy includes recruiting undefined engineers to work on ideas like battery chemistry, artificial intelligence, and electric vehicle software, highlighting the increasing importance of software and digital connectivity in the sector.
“We’re implementing our ambitious Ford+ strategy to change the firm and prosper in the future era of connected, electrified vehicles,” a spokeswoman for the company said, adding that the company does not comment on rumors or speculations. On Tuesday, Ford’s stock surged as much as 2.7 percent.
Feel free to share your thoughts with us in the comment section below. We would love to hear from you!!