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Ford has no plans to spin off EV or gasoline-powered vehicle businesses -CEO

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Ford Motor Co has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, Chief Executive Jim Farley said on Wednesday.

Ford previously denied reports it was considering spinning off its EV or internal-combustion engine operations. The U.S. automaker said last month it will have the annual capacity to build 600,000 EVs globally within 24 months.Farley said on Wednesday that his management team believes the U.S. automaker's EV and ICE businesses are underperforming on an earnings basis.

"We have too many people, we have too much investment, we have too much complexity and we don't have expertise in transitioning our assets," Farley said of the internal-combustion business. "That's the simple answer. There's waste."

 

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