Ford Model E will directly target fast-moving EV companies like Tesla and Nio.
Ford on Wednesday announced a major restructuring that will see the establishment of three distinct divisions covering most of its operations.
There will be Ford Blue to cover the automaker's traditional internal-combustion vehicles, plus Ford Pro to specifically handle commercial customers and vehicles. There will also be Ford Model E that will focus on electric vehicles, software development, and connectivity, and operate more like a startup to ensure Ford can keep up with the rapid changes affecting the auto industry, including the increasing competition from the tech industry.Current Ford CEO Jim Farley will also head the new Model E division, working closely with Doug Field who will oversee the division's product development in the role of chief EV and digital systems officer.
Kumar Galhotra, previously head of Ford's Americas and International Markets groups, will head Ford Blue, while Ted Cannis, who headed an earlier Ford commercial vehicles group, will head Ford Pro. As mentioned above, each division will operate like a distinct business, each with its own set of financial statements, but the divisions will share relevant technologies and best practices. It's all part of Ford's overarching strategy, known as Ford+, aimed at growing EBIT margins to 10% and having 50% of sales globally be EVs by 2030. The automaker also wants to be carbon neutral by 2050.
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