Ford to Separate Combustion and EV Businesses in a Restructuring Exercise
Ford Motor Co. looks set to reorganize its 118-year-old Company by separating its legacy car models run on combustion engines from its new and fast-growing electric vehicle business. The newly set up Ford Model e unit will step up the carmaker EV line-ups and develop software and related technology and services for the entire Company. Ford Blue focuses on Combustion engine vehicles, streamlining operations, and cutting costs.
What the plan is all about? In a statement Wednesday, CEO Jim Farley said that the Company’s ambition once again becomes a great, world-changing Company. As per Bloomberg News, the carmaker plans to invest $50 billion in its intensive EV strategy. The investment will be spread over 2022 to 2026 after it has targeted $30 billion for 2021 to 2025.
Ford’s shares rose by 7.3 % to $17.92 in New York, the biggest intraday gain two months after the Company set new targets for higher EV production and profitability.
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