Ford said that it will run its electric vehicle and internal combustion divisions as two separate businesses to accelerate its adaptation of new technology and the Detroit automaker said Wednesday that its shift to electric vehicles is accelerating.
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 goingby 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.”Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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