Ford said that it will run its electric vehicle and internal combustion divisions as two separate businesses.
The automaker said on Wednesday that its plan includes two distinct, but strategically interdependent, auto businesses –- Ford Blue focusing on traditional combustion engines and Ford Model e, which will develop electric vehicles.
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“We are going all in, creating separate but complementary businesses that give us start-up speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that start-ups can only dream about,” said CEO Jim Farley in a prepared statement.
A pair of EV start-ups, Lucid Group, and Lordstown Motors released disappointing production projections this week, highlighting how difficult it is to secure materials and scale up in the auto industry.
Ford is already developing electric vehicles like the Ford GT, Mustang Mach-E SUV and F-150 Lightning pickup and it operates an EV division in China.
Ford also has Ford Pro, which serves as a one-stop shop for commercial and government customers with a range of conventional and electric vehicles and a full suite of software, charging, financing, services, and support on Ford and non-Ford products.
Read more: Ford says it will invest $1bln to convert Germany plant to build electric vehicles
