Ford Motor breaks green bond record

Growth strategy: Ford’s booth at a motor show in Munich, Germany. The company will use the proceeds from its green bond sale for the design, development and manufacturing of its battery electric-vehicle portfolio. — AFP

MICHIGAN: Ford Motor Co sold US$2.5bil (RM10.38bil) of bonds whose proceeds are aimed at benefiting the environment, the automaker’s first as it transitions to making electric vehicles and the largest ever such offering from a US corporation.

The Dearborn, Michigan-based company’s green bonds are expected to mature in 10 years, according to a person with knowledge of the matter.