(Bloomberg) -- Ford Motor Co. will increase spending on electric vehicles to $50 billion, Chief Executive Officer Jim Farley said Wednesday after the automaker announced it would split up its EV and combustion-engine businesses.
The company previously planned to spend $30 billion as part of a pledge last May that four of every ten vehicles Ford sells would be battery powered by 2030. Bloomberg News reported on Feb. 1 that Ford would boost its EV spending by $20 billion.
Read more: Ford Reorganizes to Run EV and Engine Businesses Separately
Ford also considered a spinoff of the EV business, Farley said, as Bloomberg reported Feb. 18.
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