The automotive giant is initiating an aggressive development strategy.
Now that cars like the Ford F-150 Lightning and Mustang Mach-E have developed a concrete EV launch pad for the motoring giant, the company is rumored to have pledged up to $20 billion for a complete shift to electrification. It's understood that Doug Field, who was formerly appointed to lead Apple's car project, will be put at the head of this strategy.
As reported by Bloomberg, this effort will see Ford spend said funds over the next five to 10 years. This will be used to ensure that its factories across the world will cater to electric vehicle production and joins the $29 billion that was announced for the brand's 2025 EV strategy last year.
Insiders on the matter add that the plan will consist of hiring new engineers that specialize in various EV-related developments that are still somewhat foreign to Ford. Included in this are battery chemistry, artificial intelligence, and EV-based computer software. In a bid to cash in on the flurry of investments being dished out to EV start-ups, the brand also has plans to create sub-brands for lower-volume models. By cutting this slice out of its main pie, Ford would have the opportunity to focus on its big sellers.
When approached for comment regarding the matter, Mark Truby, Ford's chief communications officer said, "We are executing our Ford Plus plan to transform the company and thrive in this new era of electric and connected vehicles. We would not comment on speculation."
With Field at the head of the strategy, the rumored restructure is described to still be in its infancy and some ideas may eventually be abandoned. Any sub-brands would have to show promising sales projections for the Ford family - who maintain voting power in the company - to approve the decision.
There's also an understanding that Farley shows admiration for Elon Musk and Tesla. Insiders reveal that he even shares news articles about the brand to key members of his circle. The aspects of Tesla's operation that appeal to Farley are not common knowledge but it seems that the current direction of the company is to embrace EV manufacturing with software-driven assembly.