Illustration by Alex Castro / The Verge
Confirming rumors that have swirled for months, Ford announced that it was splitting into “two distinct, but strategically interdependent, auto businesses” called Ford Blue and Ford Model E. While Ford Blue will manage all of the legacy internal combustion engine vehicles, Ford Model E represents its push into electric vehicles, with products like the Mustang Mach-E and Ford F-150 Lightning.
The company’s executives described the split as “how we’re going to win as a company” while executing Ford’s plans for its EV push that were originally unveiled last May. The automaker decided against trying to spin off the new EV-only unit as a special acquisitions company (SPAC).
Photo by Amelia Holowaty Krales / The Verge
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