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Ford to make new investment of up to $20 billion in EV push- Bloomberg News -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Ford logo was pictured in Genk (Belgium) December 17, 2014. REUTERS/Francois Lenoir/File Photo

(Reuters) – Ford Motor Co plans to invest up to $20 Billion in electric vehicle development, Bloomberg News reported Tuesday.

A total investment of between $10 billion to $20billion will be made over the next five- to ten years. It will also include the conversions of its existing factories all around the globe to electric-vehicle production.

Ford+ is a strategy to increase its value as an investment company. The No. 2 U.S. automaker has already committed to spending over $30 billion in EVs by 2030, which includes battery development.

According to the report, this latest effort is led by an ex-executive from Apple Inc (NASDAQ) and Tesla (NASDAQ) respectively. Doug Field, an Apple veteran and former Tesla executive, joined Ford to oversee the company’s embedded technology efforts.

General Motors Co. (NYSE:), Ford, and Volvo Cars are making rapid changes in order to grab their share of the EV market and compete with Tesla Inc.

According to the report, Ford is considering spinning off some of its electric vehicle business in order to capitalize on investor sentiment.

Reports indicate that the new plan will also include the recruitment of unspecified numbers of engineers who will work on concepts such a battery chemistry or artificial intelligence, as well as EV software. It is a sign of the growing importance of software and the digital connectivity within the auto industry.

According to a company spokesperson, “We are executing our ambitious Ford+ Plan to transform the business and prosper in the new era connected, electric cars.” They also said that they don’t comment on speculations and rumors.

Ford shares rose by as high as 2.7% Tuesday.

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