FORD CEO: NO PLAN TO SPIN OFF EV BUSINESS, BUT CHANGE COMING

The CEO of Ford Motor Co. says the automaker has no plans to spin off its electric vehicle or internal combustion businesses, but is reinventing itself by removing costs and ramping up for large-scale EV and software sales.

Ford CEO Jim Farley told the Wolfe Research virtual global auto technology conference this week that the company could hit Tesla-like profit margins by using common electric motors, electronic components and other parts across all sizes of vehicles.

But to do that, Ford needs radically different human talent than it now has, Farley said in a surprisingly candid interview with analyst Rod Lache. He also said the company has too many people and too much complexity, and it doesn’t have the expertise to transition to battery-electric vehicles. “That’s the simple answer. There’s waste,” he said.

Dearborn, Michigan-based Ford has about 183,000 employees worldwide.