Ford set to announce plans to run EV, ICE as separate businesses: Report

The two units will have separate names but will remain under the Ford corporate umbrella.

Ford Motor Co on Wednesday will announce a reorganization under which its electric vehicle (EV) and internal-combustion engine (ICE) units will be run as separate businesses in a move to fast track growth in EVs, three people familiar with the plan said.

The EV and ICE businesses will have separate names but will remain under the Ford corporate umbrella, in the same way the company operates its Ford Pro commercial business for corporate customers, said the people, who asked not to be identified.

The U.S. automaker will name executives to lead each business and Ford will also outline updated profit margin targets