Stock Groups

Exclusive-Ford set to announce plans to run EV, ICE as separate businesses -sources -Breaking


© Reuters. FILE PHOTO A Ford F-150 Lightning electric truck prototype can be seen at Rouge Electric Vehicle Center, Dearborn, Michigan. U.S.A September 16, 2021 REUTERS/Rebecca Cook

Paul Lienert and Ben Klayman by David Shepardson

(Reuters) – Ford Motor (NYSE) Co will announce Wednesday a reorganization in which the electric-combustion and internal-combustion engines (NYSE)) will be operated separately. This will allow the EV company to make more profits and operate with greater speed. Three people who are familiar with the plans said that it was intended to increase profitability and enable the ICE business to move at a faster pace.

According to people who requested anonymity, the EV/ICE business will continue to fall under Ford’s corporate umbrella. This is similar to Ford Pro, which operates commercially.

Sources say that the U.S. automaker will appoint executives for each of its businesses, with separate names. Ford will also update the profit margin targets and goals for overall company profitability. According to one source, Ford plans on reporting separate financial results for ICE and EV business.

T.R. Ford spokesperson Reid refused to comment. He said, “We are focused on our Ford+ plan for transformation and to thrive in this new era electric and connected cars.”

Ford had been reported to be considering a full-scale spinoff of its EV company. Last week, Jim Farley, the Chief Executive Officer stated that Ford did not plan to sell its ICE or EV businesses.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.