According to Bloomberg, Ford announced that it will spend as much as $20 billion to reorganize its business for the electric future.

The automaker is also mulling whether to spin off some of its EV business as a special acquisition company (SPAC) in order to attract more investment. Ford has previously stated that it would spend $30 billion on electric and autonomous vehicle development by 2025.

Ford is reportedly putting former Apple and Tesla executive Doug Field in charge of the reorganization, which will include converting its factories from gas-powered to electric vehicle production and hiring more engineers. (General Motors, which is reporting its fourth-quarter earnings Tuesday evening, recently announced an initiative to hire 8,000 people to help staff up its EV efforts.)

Ford will spend up to $20 billion more in shift to EVs

According to Bloomberg, Ford announced that it will spend as much as $20 billion to reorganize its business for the electric future.

The automaker is also mulling whether to spin off some of its EV business as a special acquisition company (SPAC) in order to attract more investment. Ford has previously stated that it would spend $30 billion on electric and autonomous vehicle development by 2025.

Ford is reportedly putting former Apple and Tesla executive Doug Field in charge of the reorganization, which will include converting its factories from gas-powered to electric vehicle production and hiring more engineers. (General Motors, which is reporting its fourth-quarter earnings Tuesday evening, recently announced an initiative to hire 8,000 people to help staff up its EV efforts.)