Ford is brewing a big move? In order to accelerate electrification, it is planned to invest an additional 20 billion yuan for restructuring

According to Bloomberg, multiple sources said that Ford Motor Company of the United States is planning a major restructuring to accelerate the transition to the electric vehicle business. The company will consider adding up to $20 billion in investment in the electric vehicle business, following Tesla's case.

The work, which will be led by former Executives from Apple and Tesla, is an important move by company CEO Jim Farley to challenge Tesla's leadership, the sources said. Ford will invest another $10 billion to $20 billion over the next 5 to 10 years to shift its plants around the world from producing fuel vehicles to electric vehicles.

Jim Farley

Doug Field, the former head of Apple's auto program, is leading Ford's reforms, and Field was also a top tesla executive involved in the design of the Model 3, the sources said.

The new plan also envisages restructuring of the company, including hiring a large number of engineers to specialize in areas where the company is still in the shallow, such as battery chemistry, artificial intelligence and electric vehicle software. One of the people, who spoke on condition of anonymity, said the company also evaluated the idea of "spinning off a small portion of the EV business" as part of the restructuring to capture the enormous value that investors are giving to EV start-ups.

Ford declined to comment on the planned restructuring and potential spin-off, but Mark Truby, the company's chief communications officer, confirmed in an emailed statement that there would be big moves, "We are executing our Ford Plus plan to thrive in this new era of electric and connected cars." We will not comment on speculation. ”

Since becoming CEO 16 months ago, Farley, 59, has sped up Ford's electric car plans, which include tripling production of the company's electric Mustang Mach-E and doubling production of the plug-in pickup truck F-150 Lightning, which launched this spring.

Ford also partnered with South Korea's SK Innovation to spend $11.4 billion to build three battery plants and an electric truck plant in Tennessee and Kentucky.