Ford is preparing to spend another $20 billion to reorganize the company and transition it to full electric vehicle production. In addition, it is possible that part of the business related to the production of electric vehicles will be transferred to the so-called SPAC companies in order to attract additional investments. Ford has previously announced plans to invest $30 billion in the development of electric and autonomous cars by 2025. Additional spending will help speed up this process.
Rumor has it that former Apple and Tesla executive Doug Field is in charge of restructuring the business. In particular, it will be necessary not only to shift production from the production of internal combustion engine cars to the production of electric vehicles, but also to hire more technical professionals.
Ford has been facing increasingly serious challenges lately. While the company sells more F-Series pickups annually than Tesla makes in total EVs, investors clearly favor Tesla going forward. Ford CEO Jim Farley is trying to turn things around — the company recently announced it was doubling its production plans for the F-150 Lightning electric pickup and tripling the Mustang Mach-E. The E-Van E-Transit will also be available later this year.
If deliveries begin as planned, Ford will be among the few automakers, along with Rivian and GMC, to mass-produce electric pickups (Rivian began deliveries of the R1T in October, and the first electric Hummers went on sale late last year). The long-promised Tesla Cybertruck isn’t coming until next year.
According to publication Bloomberg, Ford intends to spin off part of the automaker’s electronics business in the form of a SPAC company that will likely produce small models. Ford himself declined to comment on “rumors and speculation”.
According to some experts, Ford imitates Tesla in many ways – the company is implementing the Ford Plus plan and intends to produce more cars with a constant connection to the information network, the software of which can be updated “over the air”, like Tesla models. Additionally, Ford officials said that “millions” of cars will use Android infotainment systems by 2023.