Ford boosts EV spending to $50 billion, sets up new Model e unit

FILE PHOTO: A man stands near the Ford logo during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song

(Reuters) - Ford Motor Co said on Wednesday it will boost spending on electric vehicles to $50 billion, up from the previous $30 billion, through 2026 and run its EV unit separately from its legacy combustion engine business, in a move aimed at catching industry leader Tesla Inc.

The reorganization and additional investment comes as Chief Executive Jim Farley bets aggressively on the company's electrification strategy.