Ford has announced that it will split its company into two separate entities — a “Model e division” featuring its electric fleet as well as a “Blue division” for its legacy line of cars powered by the internal combustion engine.
The Dearborn, Michigan-based automaker said the change will bring about the “formation of two distinct, but strategically interdependent, auto businesses.”
Jim Farley, the chief executive officer of Ford Motor Co., will lead the electric division while retaining his title as CEO.
“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,” Farley said.
“Ford Model e will be Ford’s center of innovation and growth, a team of the world’s best software, electrical and automotive talent turned loose to create truly incredible electric vehicles and digital experiences for new generations of Ford customers,” he said.