Ford chief executive Jim Farley has denied recent reports that the car manufacturer plans to spin off either its EV or ICE businesses.
It was recently reported that Ford could spin off part of its electric business in an attempt to capture some of the extraordinary value that investors are placing on some electric vehicle companies and startups, such as Tesla and Rivian. However, while doing so could certainly raise some additional capital, the automaker has no intentions of doing so, Farley said at a recent Wolfe Research conference reported by CNBC.
“Despite the press speculation, we have no plans to spin off our electric business or our ICE business,” he said. “It’s really more around focus and capabilities, expertise and talent. Those are key for Ford and this is what we’re working on.”
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