Wow! I thought this was an April 1 discussion instead of an F1 topic! I thought Bram had checked in from a parallel universe.
Motorsport broke this story sox days ago. Reading some coverage on Jalopnik, FoMoCo would merely be a sponsor putting their name on the Red Bull powertrain similar to their branding of the Cosworth DFV for decades. As Christian Horner put it, RBR is on a trajectory to be like only the Scuderia to have all aspects of vehicle development at a single campus. It would be (in name rather than essence) Ford vs. Ferarri!
Lightning like this did strike before with Mercedes-Benz branding on the Ilmor pushrod V8s for Penske for Indy.
Red Bull / Alpha Tauri would get their cash for engine development with essentially no strings attached unlike a deal with Porsche who would like to have more say in competition and be more inclined to supply engines to other teams.
Yes, Virginia, there still is an internal combustion powered Mustang ponycar, but it's ot really clear what Ford would derive from exposure on an ICE hybrid. Add this to Ford extorting millions of dollars from dealers to commit to install EV infrastructure within a few months or be relegated to a lower rung of dealers who would only be able to place orders for EVs but not demonstrate or service them.
Perhaps Ford would be better served sponsoring Formula E or the E-xtreme offroad entries.