Ford Motor (NYSE:F) provides a strategic update to investors in which it outlines a plan to become a "trusted mobility" company over time.
Ford Motor Company has created a team that will push development of electric vehicles (EVs) forward, and it's called Team Edison.
Ford's newly created "Team Edison" will be tasked exclusively with battery-electric vehicles. Aside from the group's broad mandate within the company, little is known regarding what Ford has in mind.
Asked whether today's internal-combustion-engine engineers could make the leap to designing electric powertrains, Fascetti said that the latter required "a different skill set", but that Ford has "very responsible training programs for both engine and transmission experts so that they can move into those [new] areas".
The team will report to Ted Cannis, who has been named global director of electrification. Instead, it will shift about $7 billion in investment toward trucks, sport-utility vehicles, electric cars and autonomous vehicles - products that are growing in popularity and likely to generate profits in the years ahead.
The executive, Jim Hackett, who took Ford's top job in May, told investors in NY that the company would spend more heavily on businesses and regions that are growing and profitable, including China and the United States, and less on slower-growing regions like Europe.
Marakby said Team Edison "will look holistically at the electric vehicle market". These indicators are leading Ford to feel a need to accelerate their own electrification strategy with the formation of a dedicated team.