Ford is accelerating its plan to form two units, one for electric vehicles and the other for internal combustion engine vehicles.
“Designing truly incredible electric and software-driven vehicles – with experiences customers can’t even imagine yet – requires a clean-sheet approach,” said chief EV and digital systems officer Doug Field.
Ford’s EV unit will be called Ford Model e and its internal combustion engine unit Ford Blue.
“Driving the change was recognition that different approaches, talents and, ultimately,
organizations are required to unleash Ford’s development and delivery of electric and digitally connected vehicles and services and fully capitalize on the company’s iconic family of internal combustion vehicles,” noted the company in a press release.
Ford expects to spend $5 billion on EVs in 2022, twice as much as in 2021, including capital expenditures, expense and direct investments. The company seeks to build 2 million electric vehicles per year by 2026 and hopes that EVs will account for half the company’s global volume by 2030.
According to analysts at research portal EVAdoption 2.7 million EVs will be sold in the US in 2026.