Ford will split its electric vehicle and internal combustion operations into two distinct but strategically interdependent businesses as part of a major restructuring to accelerate its adaptation of new technology, the Detroit automaker said Wednesday, adding its transformation into an EV company is accelerating. Ford Model e—to be led by Ford Motor Co. CEO Jim Farley—will focus on developing electric vehicles, while Ford Blue—to be led by Kumar Galhotra, president of Ford's Americas & International Markets Group—will focus on traditional combustion engines, the AP reports.
The transformation of the auto industry in just the past year in pursuit of EV technology has been astonishing. A handful of start-ups have compiled billions in capital, including heavy funding from traditional automakers. But those upstarts have neither the funding of traditional automakers, which sell millions of cars each year, nor the ability to build at scale. Farley said that the company recognized the need to become more nimble on the technology side with so many competitors entering the market. But Ford is also competing with EV heavyweight Tesla and another traditional automaker, General Motors, which is vowing an even faster transition to electric vehicles.
"Is this about winning? One hundred percent," Farley said. "We want to beat the old players. We want to beat the new players." He continued, "We are going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e, together with Ford Blue's industrial know-how, volume and iconic brands like Bronco that startups can only dream about." On Wednesday, Ford said that it now expects that half of its vehicles will be electric by 2030. It also said that it will produce more than 2 million electric vehicles annually by 2026, which would represent about a third of its global fleet. (More Ford stories.)
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