Ford said Wednesday that the automaker will reorganize the production of electric vehicles and internal-combustion engine vehicles into separate units within the Detroit-based company.
The move comes as Ford has doubled down on its investment in an electric future. It’s not alone. Other legacy automakers like General Motors have turned their attention to EV as a series of state and federal public policy moves have spurred automakers to shift to electric.
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With the reorganization, Ford’s EV business will be called “Ford Model E” while its internal-combustion operations will be “Ford Blue.”
Ford’s been stepping into the EV game for some time now. It invested in electric-truck maker Rivian as early as 2019, according to Crunchbase data, as well as EV battery startup Solid Power in 2020. Most recently, Ford invested in EV battery recycling startup Redwood Materials in September. The company also said last year that it will invest $29 billion into EV technology through 2025, but now says it plans to spend $50 billion on electric vehicles between 2022 and 2026, according to The New York Times.
Tesla by far is the largest player in the EV space, but legacy automakers as well as startups are hustling to catch up. Investment into VC-backed companies in the EV space, which is known for being capital-intensive, topped $20 billion last year, more than double the amount raised in 2020, per Crunchbase data. The largest IPO by deal size last year was Rivian, and a number of EV-related startups went public through SPACs as well.
Illustration: Dom Guzman
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