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Ford to invest $20 billion on transition to electric future

Bloomberg is moving forward with the news that Ford plans to spend around $20 billion organizing the company to focus on the electric car market.

Ford to invest $20 billion on transition to electric future

Ford to invest $20 billion on transition to electric future

This reorganization of Ford will be in charge of Doug Field, who previously worked at Apple and Tesla and will be in charge of converting factories dedicated to combustion vehicles to produce electrified vehicles. Field will also be responsible for hiring more engineers for the company.

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Remember that Ford recently said that it plans to increase (a lot) the production of its electric cars, namely the Mustang Mach-E and the F-150 Lightning.

The plan is part of Chief Executive Officer Jim Farley’s initiative to challenge Tesla’s, the world’s most valuable automaker, dominance in EVs. Investors have bought into his vision for Ford, briefly lifting the company’s market value above $100 billion in January.

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