Feb. 7, 2022—The EV arms race continues.

Ford is reportedly planning to accelerate its deployment of EVs and could increase EV investments by up to $20 billion, Bloomberg News reported. 

The plan calls for Ford to spend an additional $10 billion to $20 billion over the next five to 10 years converting factories worldwide to electric-vehicle production from making gasoline-powered cars.

The potential investment would come on top of the $30 billion Ford already plans to invest in electric vehicles through 2025. 

Manufacturers are increasingly and quickly bulking up their efforts to establish a foothold in the EV market. Last week, GM announced a new $7 billion investment as it hopes to catch Tesla, which still maintains a stranglehold on the EV market.