BREAKING: Ford divides into two.
Ford has already charged into the development of electric vehicles with the Ford GT, Mustang Mach-E SUV and F-150 Lightning pickup. ford also operates an EV division in China.
On Wednesday, Ford said that it now expects that half of its vehicles to be electric by 2030. Less than a year ago, the company announced a goal of going by then. It also said that it will produce more than 2 million electric vehicles annually by 2026, representing about a third of its global volume.
Ford Blue will provide hardware engineering and manufacturing capabilities for the entire company. Ford Model e will develop software and connected vehicle technologies and services. Ford anticipates spending $5 billion on electric vehicles this year, including capital expenditures, expense and direct investments.
Farley, in addition to heading Ford Model e, will continue as CEO of Ford Motor Co. The president of Ford’s Americas & International Markets Group, “We are going to be hyper-competitive on costs and make quality a reason to choose Ford,” Galhotra said. “And by doing all that, Ford Blue will be an engine of cash and profitability for the whole company.”Copyright 2022 The Associated Press. All rights reserved.
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