DEARBORN, Mich. - March 2, 2022 - Investorideas.com (www.investorideas.com) EV Stock News Bites - Ford (NYSE: F) is continuing to transform its global automotive business, accelerating the development and scaling of breakthrough electric, connected vehicles, while leveraging its iconic nameplates to strengthen operating performance and take full advantage of engineering and industrial capabilities.
"This isn't the first time Ford has reimagined the future and taken our own path," said Ford Executive Chair Bill Ford. "We have an extraordinary opportunity to lead this thrilling new era of connected and electric vehicles, give our customers the very best of Ford, and help make a real difference for the health of the planet."
Last May, Ford President and CEO Jim Farley introduced the Ford+ plan, calling it the company's biggest opportunity for growth and value creation since Henry Ford scaled production of the Model T. The formation of two distinct, but strategically interdependent, auto businesses - Ford Blue and Ford Model e - together with the new Ford Pro business, will help unleash the full potential of the Ford+ plan, driving growth and value creation and positioning Ford to outperform both legacy automakers and new EV competitors.
Creates distinct electric vehicle and internal combustion businesses poised to compete and win against both new EV competitors and established automakers
Organizes Ford to deliver for customers with the focus and speed of a startup at the leading edge of technology, supported by deep expertise in engineering and high-volume production
Ford Blue will build out company's iconic portfolio of ICE vehicles to drive growth and profitability - relentlessly attacking costs, simplifying operations and improving quality; will provide world-class hardware engineering and manufacturing capabilities for all of Ford
Ford Model e will accelerate innovation and delivery of breakthrough electric vehicles at scale, and develop software and connected vehicle technologies and services for all of Ford
Ford Blue and Ford Model e will operate as distinct businesses, but share relevant technology and best practices to leverage scale and drive operating improvements; along with Ford Pro, all three businesses are expected to have discrete P&Ls by 2023
Accelerates Ford+ plan to unlock growth and create value for Ford's shareholders: total company adjusted EBIT margin of 10% and annual production of more than 2 million EVs by 2026; expect EVs to represent half of global volume by 2030
Read the company's full news and disclaimer here:
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