Ford set to spin its EV and ICE businesses off

Ford Motor Co is set to announce a spin off of its electric vehicles (EV) and internal-combustion engines (ICE) units.

The units will be run as separate businesses in a move to fast track growth in EVs.

The EV and ICE businesses will have separate names but will remain under the Ford corporate umbrella, Reuters reports.

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 idea is for Ford to eventually report separate financial results for the EV and ICE businesses.

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.

Ford’s expected move echoes one outlined earlier this month by French automaker Renault, which said it was looking at creating separate divisions for its EV and ICE businesses.

According to Reuters, candidates to run the businesses could include Ford’s chief advanced technology officer Doug Field, who was hired from Apple Inc; Hau Thai-Tang, chief product platform and operations officer; Lisa Drake, chief operating officer of North America; and Kumar Galhotra, president of the Americas and International Markets.

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *