Ford Motor Co 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 US automaker had already pledged to spend over US$30 billion on EVs, including battery development, by 2030. Major automakers 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.
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