Farley’s vision evolved over time as he sought to maximize the value of Ford’s EV operations, from considering a smaller spinoff to contemplating a full breakup to now considering an internal split, according to people familiar with the effort.
Ford has committed $30 billion to its EV strategy through 2025, with an additional $10 billion to $20 billion expected to be spent by the end of the decade to convert factories to build plug-in vehicles. Farley has tripled production of its electric Mustang Mach-E and more than doubled the output of its F-150 Lightning plug-in pickup, which will be available this spring. In two years, the company plans to produce 600,000 EVs per year and generate up to half of its sales from battery-powered vehicles by 2030.
