Ford Motor Co ($F@US) is planning to retire up to $5 billion in high-interest debt and look into green bonds as it plans to finance the production of new electric vehicles. The plan will also help to extend credit to customers with low credit scores. The automaker wants to improve its credit rating and lift Ford Credit—the financing arm—so that it can lower costs for future borrowing and borrowers. Treasurer Dave Webb attended a media briefing where he noted that the company is making cash tender for what it’s calling “COVID bonds” at somewhere between 8 and 9 and a half percent were issued in April of 2020, just as the pandemic began. Ford also said that it plans to offer around $1 billion in green bonds at 3 and a half to 4% interest. These green bonds are supposed to replace the high-coupon bonds. They should also help supplement the zero-interest convertible debt that was issued earlier in 2021. The company will use the money4 to convert a large percentage of its worldwide production over to battery-powered vehicles. The plan is to spend $30 billion through 2025 as it designs, engineers and manufactures new EVs in North America, China and Europe. Even so, Ford stock fell a fraction of a percent in early trading.