Plan includes creating separate electric vehicle, internal combustion engine businesses
The Ford Motor Company said Wednesday it is planning to have an annual production of more than 2 million electric vehicles (EV) by 2026.
The plan includes creating separate electric vehicle and internal combustion engine businesses, according to a statement.
The Ford Model e will be electrical based on EV platforms, batteries, charging and recycling
Ford Blue, on the other hand,will be equipped with internal combustion engine.
The move was seen positively by investors with Ford stock price up 8.8% on the New York Stock Exchange at 3.30 p.m. EDT.
As crude oil prices have recently climbed to their highest level since 2014, automakers have ramped up efforts to manufacture electric vehicles.
However, the global auto industry continues to struggle with semiconductors shortages and a major chip crisis since the beginning of the coronavirus pandemic.