Ford to Invest Additional $20B in EV Reorganization
Feb. 3, 2022—Ford is planning to spend upward of $20 billion more in "a major reorganization" of its currently existing facilities to push forward its electrification efforts.
According to a report from Bloomberg, the added investment will come on top of an already planned $30 billion spending plan through 2025. The money will be used primarily to convert factories across the globe into EV plants. Citing people "familiar with the plan," Ford is also prepared to hire "an unspecified number" of engineers specializing in vehicle tech-specific fields such as battery chemistry, electric vehicle software and artificial intelligence.
The Bloomberg report said former Apple and Tesla executive Doug Field would head up the reorganization effort. Field oversaw development of the Model 3 during his time with Tesla. Ford declined comment on the report.
“We are executing our Ford Plus plan to transform the company and thrive in this new era of electric and connected vehicles. We would not comment on speculation,” Ford Chief Communications Officer Mark Truby said in an emailed statement to Bloomberg.