Ford Motor Company (NYSE:F) is set to boost its investment in electric vehicles (EVs) pouring up to US$20bn of extra investment over the next 10 years, according reports.
Any potential investment would be on top of US$30bn that the motor company has already earmarked for EVs by 2025 (including some US$7bn already spent since 2016).
Doug Field, a tech executive formerly of Apple and Tesla, is to steer the investments which are expected to be spent on the conversion of factories that currently make gasoline-fuelled vehicles.
Some US$11.4bn is said to be planned into South Korea where three battery factories are slated whilst in the United States EV plants are planned in Tennessee and Kentucky.
A corporate reshuffle may also be on the cards, according to a report by Bloomberg, which said that Ford is considering spinning off EV business to potentially capture investor demand seen among EV start-ups.
Such a reorganising is a work in progress, Bloomberg noted, and details may yet be changed or dropped altogether.