- Bayern hit nine, Real Madrid and Liverpool win as new Champions League kicks off
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- Venezuela arrests fourth American over alleged 'plot' against Maduro
- 'Happy' Mbappe strikes on Madrid Champions League debut win over Stuttgart
- Man Utd hit Barnsley for seven in League Cup rout
- Dolphins quarterback Tagovailoa facing concussion layoff
- Stylish Liverpool strut past Milan in confident Champions league opener
- Kane scores four as Bayern put nine past Zagreb in the Champions League
- Mbappe strikes on Madrid Champions League debut win over Stuttgart
- More than 3,600 food packaging chemicals found in human bodies
- Harris calls Trump as assassination scare sparks tensions
- Dow edges down from record as some eye a smaller Fed rate cut
- Sommer vows Inter will 'defend with all we have' to stop Haaland
- Report links meatpacking companies to 'war on nature' in Brazil
- Bolivian ex-leader Morales, backers set out on weeklong protest march
- Smith grateful to McCullum for launching his England career
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- Villa make perfect start on Champions League return after 41-year absence
- Israeli supply chain infiltration likely behind Hezbollah pager blasts: analysts
- Rodgers backs Celtic to be 'really competitive' in Champions League
- Spacewalk an 'emotional experience' for private astronauts
- Storm Boris toll rises to 22 in central Europe
- Nine dead, 2,800 wounded as Lebanon's Hezbollah hit by pager blasts
- Boeing, union resume talks as strike empties Seattle plants
- Over 3,600 food packaging chemicals found in human bodies
- Australia's Zampa accepts Ashes chances remote as 100th ODI looms
- UN General Assembly debates call for end to Israeli occupation
- Marseille complete signing of French international Rabiot
- Easterby to fill in as Ireland coach while Farrell is with the Lions
- Hezbollah in Lebanon hit by wave of deadly pager blasts
- Postecoglou taken aback by criticism of his second season success claim
- US, European stocks rise on retail sales, rate cut expectations
- Fendi sees Roaring 20s at Milan Fashion Week in challenging times
- Ronaldo's Al Nassr part ways with coach Castro
- Scottish government backs Glasgow to stage troubled 2026 Commonwealth Games
- Storm Boris toll rises to 21 in central Europe
- Instagram, under pressure, tightens protection for teens
- Inflation slows again in Canada to 2%
- US, European stocks rise on eve of Fed rate decision
- EU bans Algerian spread toasted on social media
- Sean 'Diddy' Combs charged with racketeering, sex trafficking
- Trump returns to campaign trail after assassination scare
- Activist urges repatriation of Native Americans dead in Paris 'human zoo'
- US retail sales see slight rise, beating expectations
- US Fed begins two-day meeting set to end with rate cut
- Exploding Hezbollah pagers wound hundreds across Lebanon
- Runners-up Yokohama thrashed 7-3 in AFC Champions League goal fest
- Sean 'Diddy' Combs to plead not guilty to racketeering, sex trafficking
- Jihadist group claims rare attack on Mali capital
- 'I am a rapist,' Frenchman tells trial over mass rape of wife
Ford unveils new structure as it speeds electric car push
Ford announced Wednesday it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.
The conventional internal combustion operations will be known as "Ford Blue," while the electric vehicle (EV) products will be run through "Ford Model e."
The two ventures will each have distinct executive leadership and report their own financial results. Both companies will continue to be headquartered in the midwestern state of Michigan.
The company opted against spinning off one of the ventures through an initial public offering, a source of speculation on Wall Street.
"Ford Model e and Ford Blue will be run as distinct businesses, but also support each other," Ford said in a press release.
Executives said the EV company would benefit from access to industrial know-how, while the conventional business would prosper from newer technologies.
"No we are not spinning off Model e," said Ford Chief Executive Jim Farley. "That's because the structures we set up actually make it stronger than a spin-off."
Ford said the intention of the structure is to give the EV venture "the focus and speed of a start-up," while the conventional business will try to excel at the challenges of a mature business, "relentlessly attacking costs, simplifying operations and improving quality."
A third division, Ford Pro, will serve commercial customers.
Ford also raised some of its operating and financial targets. The company now expects to produce two million EVs by 2026, about one third of global volumes, rising to half by 2030.
In February, Ford said EVs would account for at least 40 percent of its product mix by 2030.
Y.Nakamura--AMWN