A Ford all-electric F-150 Lightning truck prototype is seen at the Rouge Electric Vehicle Center in Dearborn, Michigan, U.S. September 16, 2021 REUTERS/Rebecca Cook
March 1 (Reuters) - Ford Motor Co (F.N) 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. Reuters - link - Paul Lienert - link - Ben Klayman - link - David Shepardson - link - more like this (USA) - link - more like this - link
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. Reuters - link - Paul Lienert - link - Ben Klayman - link - David Shepardson - link - more like this (USA) - link - more like this - link
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