The automaker Ford announced on Wednesday (2) an even bolder plan for electric cars, expanding previous promises and reorganizing the company itself to give more space to the sector.
The first novelty involves a corporate change. The electric car segment is now known as the FoBrd Model, while the internal combustion engine segment will be known as Ford blue. Both will act separately, but “sharing technologies and good practices”. There is also a third unit, the Ford Pro, focused on commercial vehicles.
The separation is part of the Ford + plan, announced last year by the automaker and considered “the biggest opportunity for growth and value creation since Henry Ford staggered the production of the Model T”. Ford CEO and President Jim Farley will also be responsible for the new electric car division.
More money in the area
The change is seen by Ford as a way to equally direct efforts to the most traditional segment of the company and the most promising and sustainable sector.
To “accelerate the transformation”, Ford also confirmed that it will expand investment targets in the electric sector. It now plans to spend $50 billion by 2026 on the division, a previous pledge of $30 billion over the same period.
The goal is to produce more than 2 million electric cars by 2026, even if the division only turns a profit a year earlier. The company is also working on its own production of batteries and the launch of more powerful models from established families, such as the Mustang.