Ford may run EV business separately, says report

DETROIT: Ford is considering ways to separate its electric-vehicle operation from its legacy business, Bloomberg News reported on Friday, citing people familiar with the effort.

Chief executive officer Jim Farley has considered spinning off Ford's electric operations or its internal combustion engine business, the report said.

Ford, however, denied plans to spin off either of the businesses.

"We’re focused on carrying out our Ford+ plan to transform the company and thrive in this new era of electric and connected vehicles," the company said in an emailed statement.

Under the strategy dubbed "Ford+", the No. 2 US automaker had last year outlined plans to spend over US$30 billion on EVs by 2030.

Ford said last month it would have the annual capacity to build 600,000 electric vehicles globally within 24 months.