Ford splits EV, ICE units in major overhaul
Ford Motor Co said on Wednesday its electric vehicle (EV) and internal-combustion engine (ICE) units would be run as separate entities, in a move aimed at supercharging its EV business as it plays catch up with Tesla Inc.
Shares of Ford, which is targeting an annual production of over 2 million EVs by 2026, were up 4.7 per cent before the bell.
The reorganisation comes as chief executive Jim Farley bets aggressively on the company’s electrification strategy, which helped Ford shares outperform those of rivals General Motors and Tesla in 2021.
