This will bring Ford’s total to $50 billion.
Ford is also considering the creation of a special acquisition company for a portion of its EV business.
The car company is serious about leaving the competition behind and catching up to Tesla.
Ford’s bid to lead the automotive industry in EV technology has just received a massive injection of $20 billion. The money will go towards reorganizing its business as it moves towards its electric future.
About a year ago, Ford announced that it was injecting up to $30 billion in new EV products and technologies including autonomous driving. All this money will be invested in the hopes that Ford will lead the way in the EV race, or at the very least, catch up to Tesla. Parts of the $20 billion influx will help convert existing ICE vehicle production plants over to EVs and towards hiring more engineers to make it all happen.
Another potential idea, or rumour as reported by The Verge, is that Ford might be thinking about spinning off a small section of its EV business in a special acquisition company (SPAC). If they do, it would involve lower volume vehicles, possibly high-performance models. For now, however, Ford will not confirm this detail.
At the moment, Ford is well on its way in the EV business. The Mustang Mach-E is doing well and interest in the F-150 Lightning is stratospheric.