TIL Desk/Business/New Delhi/ Ford Motor Co on Wednesday will announce a reorganization under which its electric vehicle (EV) and internal-combustion engine (ICE) units will be run as separate businesses in a move to fast track growth in EVs, three people familiar with the plan said.
The EV and ICE businesses will have separate names but will remain under the Ford corporate umbrella, in the same way the company operates its Ford Pro commercial business for corporate customers, said the people, who asked not to be identified.
The U.S. automaker will name executives to lead each business and Ford will also outline updated profit margin targets for the company overall, the sources said. The idea is for Ford to eventually report separate financial results for the EV and ICE businesses, one of the sources said.
Ford spokesman T.R. Reid declined to comment on the report. “We’re focused on carrying out our Ford+ plan to transform the company and thrive in this new era of electric and connected vehicles,” he said. In response to reports Ford was weighing a full spinoff of its EV business, Chief Executive Jim Farley last week said the company had no plans to spin off either its EV or ICE businesses.
