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March 2 (UPI) -- Ford said Wednesday that it is creating separate electric vehicle and internal combustion businesses. The two separate business join the newly created Ford Pro, which supports commercial and government customers. Ford says all three business will have discrete profit and loss statements by 2023.
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In a press statement Ford said Ford Blue will build internal combustion engine vehicles, while Ford Model e will "accelerate innovation and delivery of breakthrough electric vehicles at scale, and develop software and connected vehicle technologies and services for all of Ford."
Ford said they will operate as two distinct businesses, but will share relevant technology and best practices.
"Ford Model e will be Ford's center of innovation and growth, a team of the world's best software, electrical and automotive talent turned loose to create truly incredible electric vehicles and digital experiences for new generations of Ford customers," Ford President and CEO Jim Farley said in the press statement.
According to Ford, Ford Pro is "dedicated to delivering a one-stop shop for commercial and government customers with a range of conventional and electric vehicles and a full suite of software, charging, financing, services and support on Ford and non-Ford products."
Ford said its goal is to produce more than 2 million electric vehicles a year by 2026 and it expects to spend $5 billion on EV's in 2022.
