The company could be investing an additional US$20 billion into its EV budget over the next five to ten years.
Ford is said to be planning a major restructure of its organisation to align with its EV goals for the future. According to media reports, the company could be investing an additional US$20 billion into its EV budget over the next five to ten years. The additional investment will be used to convert factories worldwide to manufacture electric vehicles. Keep in mind, this investment is over and above the US$30 billion already earmarked by Ford for its EVs till 2025.
Reports also suggest that Ford could potentially spin off a portion of its electric vehicle unit into a separate company altogether. This would help Ford capture some of the immense value investors are giving EV startups. However, the spin-off company could be for its low-volume EV offerings, while Ford itself concentrates on the mass-market models. The company is yet to make an official public announcement regarding the same.
The reorganisation of the American car giant is said to be led by Doug Field, who was the former head of the Apple Car Project. He was also one of the top executives at Tesla and helped engineer the Model 3.
Keyword: Ford could spin off its EV unit as a separate company