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Ford Raising $2.8 Billion to Fund Work on Mobility
Ford Motor Co. will raise $2.8 billion in long-term debt to help pay for research and development in electric vehicles, self-driving cars, ride-sharing services and other mobility efforts.
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Ford Motor Co. will raise $2.8 billion in long-term debt to help pay for research and development in electric vehicles, self-driving cars, ride-sharing services and other mobility efforts.
The company plans bond sales that will mature in 10 and 30 years, according to regulatory filings with the U.S. Securities and Exchange Commission. Ford had targeted a $2 billion sale. But investors put in orders for more than four times that amount, enabling the carmaker to increase the size of the deal.
The sale will mark Ford’s first increase in its automotive debt since a $2 billion issue in January 2013. The company had $24.3 billion in cash and $13.1 billion in debt at the end of the third quarter.
Ford said previously it will invest $4.5 billion between now and 2020 to electrify 40% of its vehicle lineup. The company also has been expanding partnerships involving ride-share and bike sharing services in the U.S.
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