Ford to Divest Electric Car Division

Ford to Divest Electric Car Division

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US automaker Ford will split its fast-growing electric vehicle business from its internal combustion engine division. The auto group announced a historic reorganization in its 118-year history on Wednesday.

 

The new “Ford Model e” division will scale up Ford’s electric vehicle offerings and develop software and technology for connected vehicles.

“Ford Blue” will focus on combustion engine vehicles, cost savings, and simplifying operations.

Ford aims to have a production capacity of 2 million electric vehicles per year by 2026. Accelerating Ford’s transition to an electric future is a core goal for CEO Jim Farley. Ford stock is up 151 percent since Farley became CEO in October 2020.

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