Investors attained over $2 billion worth of both 10 and 30-year bonds that, according to Ford, will be used to increase efforts to develop electric cars, self-driving vehicles and mobility. With debt assurance, the total amount the company will raise is $2.8 billion.
Ford said it’s important to focus on other areas because more companies are developing transportation options like car sharing and ride-hailing along with general daily technologies being added to vehicles.
The company said it was looking to boost its investments when opportunities presented themselves, especially in the areas of autonomy, mobility electrification.
In the last few months, Ford purchased a San Francisco van-shuttle service and has a stake in Velodyne, a laser-sensor developer and manufacturer for autonomous car parts. Its goal is to compete with Google, Uber and others.
Ford also said it would offer 100,000 autonomous vehicles for its ride-sharing services, which is set to operate on the road without gas and brake pedals and steering wheel. It currently has 30 of these vehicles on the road and is set to boost the number to 90 sometime in 2017.
Another $4.5 billion is being used to convert half of its vehicles into electric cars by 2020.
Ford CEO Mark Fields said it’s an ever-changing world. While transportation has served the company well the past hundred years, it’s not going to serve them as well if they don’t change with the time. It’s for that reason the company has begun to think differently about how it’s doing business.