Feb 1 (Reuters) – Ford Motor Co (F.N) is planning new investment of up to $20 billion in building its electric vehicles, Bloomberg News reported on Tuesday.
The additional investment will be spread out over the next five to ten years and will include converting its present factories around the world to electric-vehicle production, the report said, citing people familiar with the plan.
The EV push is being led by a former Apple Inc (AAPL.O) and Tesla (TSLA.O) executive who joined the auto maker to steer its advanced technology and embedded systems efforts, the report added.
Ford was not immediately available for comment.
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Reporting by Nivedita Balu in Bengaluru; Editing by Krishna Chandra Eluri
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