Ford plans to invest up to $20 billion to take its place in the electric vehicle market. The large amount will help to reorganize its activities, betting on electric vehicles in the future.
The $20 billion will be on top of the $30 billion the American auto giant previously decided to spend on developing electric and self-driving vehicles. The move is part of an initiative by CEO Jim Farley to challenge Tesla’s dominance in electric vehicles.
In addition, Doug Field, the former head of Apple’s automotive project, is reported to be leading Ford’s reorganization process. Field was also the chief vehicle engineer at Tesla, where he oversaw the development of the Tesla Model 3.
The shift in focus will force Ford to hire more engineers. For now, Tesla is leading the EV market and Ford is catching up. It remains to be seen whether Ford will be able to successfully expand into the electric vehicle segment and compete with both Tesla and other Chinese electric vehicle makers that have grown in popularity recently.
Source: ixbt
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