Ford MotorCEO Jim Farley confirmed Wednesday that there are no plans for the electric or gasoline-powered vehicles business to be spun off at this point.

He makes his comments less than one week later Bloomberg News reportedFarley wanted Ford’s electrical operations to be separated from its internal combustion engine business. Farley had thought about spinning them off.

Wolfe Research’s conference heard that despite the speculation in the media, there are no plans for us to spin-off our electric or ICE businesses. It’s more about focus, capabilities, expertise and talent. Ford believes these are essential and is working hard to improve them.

Wall Street analysts pressure Ford and Ford to make traditional cars. General MotorsIn an attempt to capitalise on the value of their electric vehicle business, they will separate them. Tesla, Rivian AutomotiveOther EV startup companies.

After the anonymous report of last week that cited unnamed sources, a Ford spokesperson said Ford does not intend to split off either its electric car business or its traditional internal combustion engines business.

Ford shares rose more than 5% during intraday trading according to the Bloomberg report. Thursday’s close of trading at Ford stock was $16.95/share, a decline of 2.2% overall and 4.4% below its intraday high price $17.73/share.