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Ford to make new investment of up to US$20 billion in EV push, says Bloomberg News

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The investment of US$10 billion to US$20 billion will be spread out over the next five to ten years and will include converting Ford’s present factories around the world to electric-vehicle production

is planning additional investment of up to US$20 billion in building its electric vehicles, Bloomberg News reported on Tuesday.

Under a plan dubbed “Ford+” meant to have investors value it more like a technology company, the No. 2 U.S. auto maker had already pledged to spend over US$30 billion on EVs, including battery development, by 2030. Major auto makers from General Motors Co, Ford and Volvo Cars are swiftly making changes to take their piece of the pie in a competitive EV space and fight against electric car challenger Tesla Inc.

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