Ford Motor Co is planning additional investment of up to $20 billion in building its electric vehicles, Bloomberg News reported on Tuesday.
The report added Ford has evaluated spinning off a small portion of its EV business as a part of the reorganization, to capture value in an electric startup environment boosted by investor sentiment.
The new plan also includes hiring an unspecified number of engineers to work on concepts such as battery chemistry, artificial intelligence and EV software, the report said, indicating the rising importance of software and digital connectivity in the auto industry. "We're carrying out our ambitious Ford+ plan to transform the company and thrive in the new era of connected, electric vehicles," the company's spokesman said, adding they do not comment on rumors and speculations.Register now for FREE unlimited access to Reuters.comReporting by Nivedita Balu in Bengaluru and Ben Klayman in Detroit; Editing by Krishna Chandra EluriSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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