Ford Motor CEO – Jim Farley, says it has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, but it is reinventing itself by removing costs and ramping up for large-scale EV and software sales.
The news comes less than a week after Bloomberg News reported that Ford is looking at ways to separate its electric vehicle businesses from its legacy combustion operations and had considered spinning off one or the other.
“Despite the press speculation, we have no plans to spin off our electric business or our ICE business. It’s really more around focus and capabilities, expertise, and talent. Those are key for Ford and this is what we’re working on,” Jim said at a Wolfe Research conference.
A Ford spokesman following the last week’s report, said Ford “We have no plans to spin off our electric business or our ICE business,”
The automobile manufacturer’s stock yesterday closed at $16.95 a share, down 2% overall and 4.4% lower than its intraday high of $17.73 a share.
