Ford Motor Co. does not plan to spin off either its electric-vehicle or legacy internal combustion engine vehicle business, CEO Jim Farley said Wednesday, even as he underscored significant differences between those parts of the company.
His comments at a Wolfe Research conference were the company's latest pushback on a Bloomberg report that Farley is looking at ways — including a spinoff — to separate the two parts of the business in a bid to boost shareholder value.
"Despite the press speculation, we have no plans to spin off our electric business or our ICE business," Farley said Wednesday. Still, he detailed the ways the company's burgeoning digital and battery-electric vehicle business is different from operations tied to the legacy business, from customer needs to product development processes to employee skill sets: "It's really more around focus and capabilities, expertise and talent."
