Ford unveils new structure as it speeds electric car push
-
Trump says Iran wants deal, US 'armada' larger than in Venezuela raid
-
US Justice Dept releases new batch of documents, images, videos from Epstein files
-
Four memorable showdowns between Alcaraz and Djokovic
-
Russian figure skating prodigy Valieva set for comeback -- but not at Olympics
-
Barcelona midfielder Lopez agrees contract extension
-
Djokovic says 'keep writing me off' after beating Sinner in late-nighter
-
US Justice Dept releasing new batch of Epstein files
-
South Africa and Israel expel envoys in deepening feud
-
French eyewear maker in spotlight after presidential showing
-
Olympic dream 'not over', Vonn says after crash
-
Brazil's Lula discharged after cataract surgery
-
US Senate races to limit shutdown fallout as Trump-backed deal stalls
-
'He probably would've survived': Iran targeting hospitals in crackdown
-
Djokovic stuns Sinner to set up Australian Open final with Alcaraz
-
Mateta omitted from Palace squad to face Forest
-
Gold, silver prices tumble as investors soothed by Trump's Fed pick
-
Trump attorney general orders arrest of ex-CNN anchor covering protests
-
Djokovic 'pushed to the limit' in stunning late-night Sinner upset
-
Tunisia's famed blue-and-white village threatened after record rains
-
Top EU official voices 'shock' at Minneapolis violence
-
Kremlin says agreed to halt strikes on Kyiv until Sunday
-
Carrick calls for calm after flying start to Man Utd reign
-
Djokovic to meet Alcaraz in Melbourne final after five-set marathon
-
Italian officials to testify in trial over deadly migrant shipwreck
-
Iran says defence capabilities 'never' up for negotiation
-
UN appeals for more support for flood-hit Mozambicans
-
Lijnders urges Man City to pile pressure on Arsenal in title race
-
Fulham sign Man City winger Oscar Bobb
-
Strasbourg's Argentine striker Panichelli sets sights on PSG, World Cup
-
Jesus 'made love': Colombian president irks Christians with steamy claim
-
IAEA board meets over Ukraine nuclear safety concerns
-
Eurozone growth beats 2025 forecasts despite Trump woes
-
Israel to partially reopen Gaza's Rafah crossing on Sunday
-
Dutch PM-elect Jetten says not yet time to talk to Putin
-
Social media fuels surge in UK men seeking testosterone jabs
-
Forest face Fenerbahce, Celtic draw Stuttgart in Europa League play-offs
-
US speed queen Vonn crashes at Crans-Montana, one week before Olympics
-
Trump nominates former US Fed official as next central bank chief
-
Alcaraz defends controversial timeout after beaten Zverev fumes
-
New Dutch government pledges ongoing Ukraine support
-
Newcastle still coping with fallout from Isak exit, says Howe
-
Chad, France eye economic cooperation as they reset strained ties
-
Real Madrid to play Benfica, PSG face Monaco in Champions League play-offs
-
Everton winger Grealish set to miss rest of season in World Cup blow
-
Trump brands Minneapolis nurse killed by federal agents an 'agitator'
-
Arteta focuses on the positives despite Arsenal stumble
-
Fijian Drua sign France international back Vakatawa
-
Kevin Warsh, a former Fed 'hawk' now in tune with Trump
-
Zverev rails at Alcaraz timeout in 'one of the best battles ever'
-
Turkey leads Iran diplomatic push as Trump softens strike threat
NYSE - LSE
| RBGPF | 1.65% | 83.78 | $ | |
| SCS | 0.12% | 16.14 | $ | |
| RYCEF | -2.69% | 16 | $ | |
| CMSC | 0.02% | 23.7 | $ | |
| BCC | -0.97% | 79.4 | $ | |
| BTI | -0.12% | 60.135 | $ | |
| RELX | -1.69% | 35.565 | $ | |
| NGG | -0.81% | 84.37 | $ | |
| GSK | 1.33% | 51.34 | $ | |
| RIO | -4.86% | 90.725 | $ | |
| JRI | 0.32% | 12.997 | $ | |
| CMSD | -0.12% | 24.03 | $ | |
| BCE | -0.18% | 25.44 | $ | |
| VOD | -0.58% | 14.625 | $ | |
| AZN | 0.75% | 93.285 | $ | |
| BP | -1.1% | 37.625 | $ |
Ford unveils new structure as it speeds electric car push
Ford announced Wednesday it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.
The conventional internal combustion operations will be known as "Ford Blue," while the electric vehicle (EV) products will be run through "Ford Model e."
The two ventures will each have distinct executive leadership and report their own financial results. Both companies will continue to be headquartered in the midwestern state of Michigan.
The company opted against spinning off one of the ventures through an initial public offering, a source of speculation on Wall Street.
"Ford Model e and Ford Blue will be run as distinct businesses, but also support each other," Ford said in a press release.
Executives said the EV company would benefit from access to industrial know-how, while the conventional business would prosper from newer technologies.
"No we are not spinning off Model e," said Ford Chief Executive Jim Farley. "That's because the structures we set up actually make it stronger than a spin-off."
Ford said the intention of the structure is to give the EV venture "the focus and speed of a start-up," while the conventional business will try to excel at the challenges of a mature business, "relentlessly attacking costs, simplifying operations and improving quality."
A third division, Ford Pro, will serve commercial customers.
Ford also raised some of its operating and financial targets. The company now expects to produce two million EVs by 2026, about one third of global volumes, rising to half by 2030.
In February, Ford said EVs would account for at least 40 percent of its product mix by 2030.
G.P.Martin--AT
