FORD'S FORK IN THE ROAD: EV, INTERNAL COMBUSTION ARE SPLIT

Ford will split its electric vehicle and internal combustion operations into two individual businesses to accelerate its adaptation of new technology and the Detroit automaker said that its transformation into an EV company is accelerating.

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Ford plans a major restructuring with two distinct but strategically interdependent auto businesses – Ford Blue focusing on traditional combustion engines and Ford Model e, which will develop electric vehicles.

Jim Farley, the chief executive officer of Ford Motor Co., will lead the electric division. Speaking candidly last week at an investment conference, he said that Ford did not want to completely break offits electric division, but that changes were coming.

“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 startups can only dream about,” Farley said.

The transformation of the auto industry in just the past year in pursuit of EV technology has been astonishing even to advocates who have pushed for years to put gasoline-powered cars in the rearview window. A handful of start-ups have compiled billions in capital, including heavy funding from traditional automakers.