- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
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- Pogba's drug ban cut to 18 months from four years
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- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
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- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
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- Five Czech kids in hospital over TikTok 'piercing challenge'
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- DR Congo to begin mpox vaccination campaign Saturday in east
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- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
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- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
Ford unveils new structure as it speeds electric car push
Ford announced Wednesday it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.
The conventional internal combustion operations will be known as "Ford Blue," while the electric vehicle (EV) products will be run through "Ford Model e."
The two ventures will each have distinct executive leadership and report their own financial results. Both companies will continue to be headquartered in the midwestern state of Michigan.
The company opted against spinning off one of the ventures through an initial public offering, a source of speculation on Wall Street.
"Ford Model e and Ford Blue will be run as distinct businesses, but also support each other," Ford said in a press release.
Executives said the EV company would benefit from access to industrial know-how, while the conventional business would prosper from newer technologies.
"No we are not spinning off Model e," said Ford Chief Executive Jim Farley. "That's because the structures we set up actually make it stronger than a spin-off."
Ford said the intention of the structure is to give the EV venture "the focus and speed of a start-up," while the conventional business will try to excel at the challenges of a mature business, "relentlessly attacking costs, simplifying operations and improving quality."
A third division, Ford Pro, will serve commercial customers.
Ford also raised some of its operating and financial targets. The company now expects to produce two million EVs by 2026, about one third of global volumes, rising to half by 2030.
In February, Ford said EVs would account for at least 40 percent of its product mix by 2030.
J.Oliveira--PC