Ford CEO to Restructure Underperforming EVs and Gas Models

Ford CEO to Restructure Underperforming EVs and Gas Models

The CEO of Ford Motor Co. has made a case for a significant restructuring of the 118-year-old auto manufacturer towards the electric future. He conceded that the company is underperforming on its internal combustion and battery-powered vehicle models.

The CEO’s initiatives On Wednesday at an auto conference of Wolf Research, Jim Farley, the CEO of Ford Motors, said that the company has excess investment, people, and complexity but does not have the expertise to transition its assets. He said that the management team believes its BEV and ICE portfolios are underperforming.

The comments underscore Ford’s seriousness to push its EV business even as the legacy gas-powered auto business diverges to more investment demand, customers, and growth strategies. As per Bloomberg News last week, Jim Farley is looking at ways to run the internal combustion and EV units separately.

Farley reaffirmed Ford Motors‘ stance that it was not selling its business lines. The company had earlier considered such a move but later shifted focus on how to run the operations separately.

Bloomberg News reports that most of the cases among the crew are mild, and most of them are vaccinated, omicron is spreading rapidly through the ships. Having an infected crew onboard requires the vessel to be in quarantine for 14 days. However, the number of days the affected crew must remain in quarantine usually differs from one ship manager to another, port to port, and one country to another.

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