Ford to invest up to $ 20 billion in EV push-Bloomberg News

The Ford logo appeared on a Ford Motor Company factory in Junk, Belgium. December 17, 2014.

February 1 (Reuters) – Ford Motors plans to invest an additional $ 20 billion in the construction of electric vehicles, Bloomberg News reported on Tuesday.

An investment of $ 10 billion to $ 20 billion will be made over the next five to 10 years, according to people familiar with the plan to transform existing factories into electric vehicles.

Under the Ford + plan, investors are expected to spend more than $ 30 billion on EVs, including battery development by 2030, to make investors more valuable as a technology company.

Recent pressure is being driven by former Apple Inc. (AAPL.O) and Tesla (TSLA.O) executives, the report said. Last year, Apple Veteran Doug Field Ford, an Tesla-based company, joined the automaker to lead the way in advanced technology and embedded system efforts.

Major motors from General Motors Corporation (GMN), Ford and Volvo Cars (VOLCARb.ST) are making rapid changes to take the bread crumbs at competitive EV space and compete with electric car competitor Tesla Ink (TSLA.O). .

The report adds that Ford is considering driving a small portion of the EVA business as part of a reorganization of the EV business to improve the value of the startup environment.

The new plan also includes hiring an unspecified number of engineers working on concepts such as battery chemistry, artificial intelligence and EV software, the report said, noting the growing importance of software and digital connectivity in the automotive industry.

“We are implementing our Ford + plan to transform the company and increase the number of connected electric vehicles in the new era,” a company spokesman said.

Ford shares rose 2.7 percent on Tuesday.

Reporting by Ben Clayman in Bengalru and Detroit in Nevdita; Adjustment by Krishna Chandra Eleuri

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