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Ford to make $20 billion new investment in electric vehicles

Ford Motor, one of America’s largest automobile companies, plans to make additional investment of up to $ 20 billion (about Rs 1,49,935 crore) in the electric vehicles (EV) segment. The investment will be made over the next 5 to 10 years and will include preparing the company’s factories around the world for electric vehicle production.

of Bloomberg News Report According to the report, the purpose of this plan, being called ‘Ford +’, is to advance Ford as a technology company as well. Ford has already planned to spend $30 billion (about Rs 2,24,860 crore) on EVs, including battery development, by 2030. The company’s electric vehicles unit is headed by Doug Field, a former Apple and Tesla executive who joined the company last year.

Big automobile companies like General Motors, Ford and Volvo are trying to increase their share in the EV segment. The biggest rival for these companies is Tesla. Ford has also considered the option of divesting a part of its EV business. This can help the company in getting investment. The company also plans to hire engineers to work on concepts such as artificial intelligence, battery chemistry and EV software. A Ford spokesperson said: “We’re following the Ford+ plan to make a big difference to the company. We’re trying to increase our stake in connected, electric vehicles.”

electric car market Tesla is in the first place. Tesla expects EV deliveries to grow by more than 50 percent this year. However, the company believes that the supply chain problems are not expected to end this year. Tesla’s fourth quarter revenue exceeded Wall Street estimates. Tesla CEO, Elon Musk recently said that the company will not launch new models this year. The Cybertruck and Roadster are expected to launch next year. Tesla plans to start selling electric cars in India as well. However, the company has requested the central government to reduce the import duty for this.

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