Ford CEO Jim Farley has told a group of investors the company has no plans to spin off its EV division.
Ford is going all-in on EVs, determined to compete with Tesla and other dedicated EV makers. The company’s Mustang Mach-E recently dethroned Tesla’s Model 3 as Consumer Reports’ top EV recommendation.
While some investors were hoping the company would spin off its EV division, Farley has thrown cold water on that idea, according to TheStreet.
“We have too many people, we have too much investment, we have too much complexity and we don’t have expertise in transitioning our assets,” Farley said. “(But) we have no plans to spin off our electric business or our ICE business.”
The company’s stock was down on the revelation, but keeping its EV business in-house may pay dividends in the long run.