Ford to spend up to US$20bil to shift to electric vehicles

High target: Ford’s plant in Dearborn, Michigan. The carmaker hopes to eventually overtake Tesla, but for now is trying to solidify its standing as America’s No. 2 seller of EVs. — Reuters

NEW YORK: Ford Motor Co is planning a major reorganisation to prepare for the electric future, using Tesla Inc’s success as a road map and accelerating electric vehicle (EV) spending by as much US$20bil (RM83.7bil).

The effort, led by a former Apple Inc and Tesla executive, calls for Ford to spend an additional US$10bil (RM41.8bil) to US$20bil (RM83.7bil) over the next five to 10 years converting factories worldwide to electric-vehicle (EV) production from making gasoline-powered cars, according to people familiar with the plan.