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Biden mentions GM, Ford for job creation during State of the Union
President Joe Biden tipped his cap to GM for its EV factory plans expected to bring 4,000 new jobs to the state.
NEW YORK - Ford is splitting its electric vehicle and internal combustion divisions into separate businesses.
The automaker said Wednesday that its plan includes two distinct, but strategically interdependent, auto businesses – Ford Blue focusing on traditional combustion engines and Ford Model e, which will develop electric vehicles.
"We are going all in, creating separate but complementary businesses that give us start-up speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that start-ups can only dream about," said CEO Jim Farley in a prepared statement.
Ford is already developing electric vehicles like the Ford GT, Mustang Mach-E SUV and F-150 Lightning pickup and it operates an EV division in China.
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Ford also has Ford Pro, which serves as a one-stop shop for commercial and government customers with a range of conventional and electric vehicles and a full suite of software, charging, financing, services and support on Ford and non-Ford products.
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Ford splits electronic and combustion vehicles
Ford is making a major shift, one of the biggest of all time, by deciding to split its electronic vehicle and internal combustion into two divisions both under the same company. And it could have huge impacts on the stock market.