2.1.22
Ford Motor Co. is planning to augment its current $30 billion investment in EVs by as much as $20 billion to convert their global production from internal combustion engines to electric vehicles, according to Bloomberg News. Ford stock price rose 2.7% on the news. The move, which is still in early stages of planning, will be led by Doug Field, Ford’s chief advanced technology and embedded systems officer and previous Apple and Tesla executive. The initiative would propel Ford to a market position that challenges Tesla, an ambition made known by Ford CEO Jim Farley at the end of December 2021.