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.
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.