Ford Motor Co said its electric vehicle (EV) and internal-combustion engine (ICE) units would be run as separate entities, in a move aimed at supercharging its EV business as it plays catch up with Tesla.
Automakers around the world, including General Motors and Volkswagen Group, are spending billions of euros to electrify petrol and diesel models and introduce electric cars to fight for market share with Elon Musk's Tesla and a number of other electric-only startups.
By separating the EV business into a separate unit, Ford would be setting the table for a possible spin-off down the road, industry officials said.
Ford Chief Executive Jim Farley said last week that his management team believes the automaker's EV and ICE businesses are underperforming on an earnings basis.
Recently Ford introduced its first dedicated electric car to the European market, the Mustang Mach-E, which was a finalist for Europe's Car of the Year 2022 title. - Reuters
