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Ford to Spend Up to $20 Billion Reorganizing for Shift to Electric Cars

  • Automaker has discussed partial spinoff of EV operations
  • Former Apple, Tesla executive leads effort to revamp automaker
Bloomberg business news
Ford Accelerates Shift to EVs With $20B Reorganization
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Ford Motor Co. is planning a major reorganization to prepare for the electric future, using Tesla Inc.’s success as a road map and accelerating EV spending by as much $20 billion.

The effort, led by a former Apple Inc. and Tesla executive, calls for Ford to spend an additional $10 billion to $20 billion over the next five to 10 years converting factories worldwide to electric-vehicle production from making gasoline-powered cars, according to people familiar with the plan. That would be on top of the $30 billion Ford already has committed to EVs through 2025.