Ford CEO Bill Ford will announce a $1 billion investment in a powertrain unit for the automaker’s new Focus electric crossover on Thursday, according to a report from The Wall Street Journal.
Ford and GM will announce the investment at the company’s annual shareholder meeting.
Ford has been looking to invest in electric vehicle batteries since it launched its new Focus Electric last year.
The Focus is one of Ford’s most powerful and technologically advanced vehicles yet.
The automaker is also building a battery-powered version of its Fusion Hybrid electric car for the first time.