Ford separates electric and internal combustion operations:
As an expansion of the wide-ranging Ford+ plan championed by Ford President and CEO Jim Farley, the Blue Oval automaker will separate its automotive operations into two units . The company announced"two distinct, but strategically interdependent, auto businesses – Ford Blue and Ford Model e." While both seemingly sound named to promote an eco-friendly posture,
"We have an extraordinary opportunity to lead this thrilling new era of connected and electric vehicles, give our customers the very best of Ford, and help make a real difference for the health of the planet," Ford Executive Chair Bill Ford said in a statement. While the two divisions will be kept separate, they will reportedly work together where appropriate and possible. They'll have separate leadership structures, with Farley serving as president of Ford Model e, in addition to his role as president and CEO of Ford Motor Company.
The defining point of the split, it seems, is profitability."This new structure will enhance our capacity to generate industry-leading growth, profitability and liquidity in this new era of transportation," according to John Lawler, Ford’s chief financial officer. Ford says it's targeting adjusted earnings before interest and taxes of 10% by 2026. That's a big increase over its 8% target for for 2022.
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