Ford will split its electric vehicle and internal combustion operations into two individual businesses to accelerate its adaptation of new technology.
The Detroit automaker said Wednesday that its transformation into an EV company is accelerating.
Ford plans a major restructuring with two distinct but strategically interdependent auto businesses – Ford Blue focusing on traditional combustion engines and Ford Model e, which will develop electric vehicles.
Jim Farley, the chief executive officer of Ford Motor Co., will lead the electric division.
Farley said that with so many start-ups entering the EV market, the company's legacy division was not allowing it to be nimble enough with developing technology.
