June 17, 2024

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Ford is investing an extra $20 billion in an electric car |  Leadership

Ford is investing an extra $20 billion in an electric car | Leadership

Automaker Ford is investing up to $20 billion more in electrifying all cars the brand makes, Bloomberg News reports based on insiders. This amount, converted about 18 billion euros, comes on top of a previously announced investment of 30 billion dollars (just under 27 billion euros) and should be spent over the next five to 10 years on converting factories to build electric cars.

Doug Field, who previously held senior positions at Apple and Tesla, will lead the major reorganization. This also includes the fact that Ford will employ an unknown number of technicians. These should focus, among other things, on battery technology, electric vehicle software and artificial intelligence.

Furthermore, Ford will consider the possibility of putting a portion of its electric vehicle on its feet. By going public or selling a stake to investors, the US automaker could benefit from the high valuations that investors and investors attribute to electric car companies. This mainly concerns models that are sold fewer units. Ford can then focus entirely on the so-called size models.

Despite the additional investment and desire to become a major player in electric vehicles, Ford CEO Jim Farley sees gasoline-powered cars as vital to his company for many years to come. Money to invest in this should be earned by offering Ford drivers, for example, through software upgrades that give their cars more power or other additional options for a fee. The company should also try to allow its customers to come to Ford dealerships for longer service.

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