Ford to run EV, internal combustion engine businesses separately

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.

Reuters reported on Tuesday that although Ford was planning to separately run the two businesses, it would keep them under its corporate umbrella.

Automakers around the world, including General Motors and Volkswagen Group, are spending billions of dollars to electrify gasoline models and introduce electric cars to fight for market share with Elon Musk’s Tesla and a number of other electric-only startups.