Ford plans to separate EV business to increase valuation like Tesla: Reports

Ford Motor is planning to separate its EV business from its legacy ICE vehicle business in coming days. According to a report from Bloomberg, the Michigan auto giant hopes to ‘earn the sort of investor respect enjoyed by Tesla’ as well as other pure EV makers.

By: HT Auto Desk
| Updated on: 19 Feb 2022, 09:27 AM
Follow us on:
Follow us on:
Ford F-150 Lightning is the US carmaker's first electric pickup truck.
Ford F-150 Lightning is the US carmaker's first electric pickup truck.

The reports says that Jim Farley, CEO at Ford Motor, wants to separate EV business to generate valuation like Tesla has over the years. US-based Tesla, world's largest manufacturer of electric vehicles, currently enjoys a market value close to $1 trillion.

According to the report, Ford may not split the company. It might go for internal rejig to come up with a separate EV unit. “We are focused on our Ford+ plan to transform the company and thrive in this new era of electric and connected vehicles. We have no plans to spin off our battery electric-vehicle business or our traditional ICE business," an email sent by Ford said.

Also check these Cars

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
₹70 Lakhs - 1 Cr* *Expected Price
View Details
Explore your Vehicle
Tesla Model 3 (HT Auto photo)
UPCOMING
₹70 - 90 Lakhs* *Expected Price
View Details
Mercedes-benz Eqe (HT Auto photo)
UPCOMING
₹70 - 90 Lakhs* *Expected Price
View Details
Mercedes-benz Eqb (HT Auto photo)
₹74.5 Lakhs**Ex-showroom price
Add to compare
Check latest offers
Lexus Ux 300e (HT Auto photo)
UPCOMING
₹75 - 85 Lakhs* *Expected Price
View Details

“Running a successful ICE business and a successful BEV business are not the same," Farley said. “I’m really excited about the company’s commitment to operate the businesses as they should be. The EV business is fundamentally different in the customers it attracts, the way its products are built and the engineering and design talent that must be hired. We’re not seeking half measures. We’re done with incremental change. We have a clear plan, a bias for action and a whatever-it-takes mindset."

Ford has invested $30 billion till 2025 to step up its EV push. The carmaker plans to spend up to $20 billion by 2030 to convert factories to manufacture plug-in cars. The carmaker has increased the production of two of its EVs - the Mustang Mach-E and the F-150 Lightning pickup truck. It aims to produce 600,000 EVs annually in two years and generate as much as half its sales from battery-powered vehicles by 2030.

First Published Date: 19 Feb 2022, 09:27 AM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing…
Rs. 269 Rs. 604
19% OFF
Involve Your Senses One Musk Organic Car Perfume, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g,Car Accessories interior car perfumes and fresheners
Rs. 324 Rs. 399
73% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 349 Rs. 1,299
9% OFF
ShineXPro Microfiber Car Cleaning Cloth - OG Soft 500 GSM Extra Large (35x75 CM) Microfiber Cloth for Car and Bike - Suede Edging for Scratchless Drying and Detailing (Pack of 2)
Rs. 498 Rs. 549

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city