Ford MotorBloomberg News reports Tuesday that the company is planning to increase its use of electric cars, which could mean increasing investment in EVs up to $20 billion.

A former leader led the effort. Apple Inc.And TeslaDoug Field, Ford’s executive, wants to invest an additional $10-$20 billion in electric vehicle production. This is to replace gasoline-powered vehicles with electric ones. according to BloombergThe article cited individuals familiar with the plan.

You could also invest in the future. the $30 billion Ford already plans to invest in electric vehiclesThrough 2025. The $7 billion figure includes all the money that the company has already spent between 2016-February 2021. $11.4 billion it’s investingSouth Korea’s SK Innovation will build three battery factories in Tennessee and Kentucky, as well as an EV-truck plant.

These investments form part of Jim Farley, Ford’s Ford+ turnaround plan that was announced in May.

Ford spokesmen declined to respond to the Bloomberg report directly, citing their policy of not commenting on speculation or rumors. He stated that Ford is continuing to “carry out our ambitious Ford+ plans, and will continue doing so.”

It wouldn’t seem unreasonable to add $10 billion-20 billion in the following decade, given that automakers around the world have pledged billions of dollars through 2025.

Bloomberg reports that Ford is considering spinning off part of its electric vehicle business to help investors capture some value.

Restructuring is ongoing and elements could be altered or removed, including the EV-spinoff idea. 

Shares of Ford were up  by as much as 2.7% during trading Tuesday afternoon. They were trading at $20.38 per share as of Wednesday afternoon, up less than half percent from the previous day.