Ford Motor Company (NYSE:F) shares are trading higher after the company announced the separation of its electric vehicle and internal-combustion engine businesses. The company also reported February 2022 vehicle sales.
Ford said it will create distinct EV and internal combustion businesses in a bid to take on EV startups and established automakers. The new businesses are to be named "Ford Blue" and "Ford Model e."
The company reaffirmed its guidance for 2022 on $11.5 billion to $12.5 billion in company adjusted EBIT and announced expectations to spend $5 billion on electric vehicles in 2022.
Ford also reported February 2022 total U.S. sales of 129,273 vehicles, representing a year-over-year decrease of 20.9%.
Ford Motor Company designs, manufactures, markets, and services a range of Ford trucks, cars, sport utility vehicles, electrified vehicles, and Lincoln luxury vehicles worldwide.
Ford's stock was trading about 4.8% higher at $17.50 per share on Wednesday at the time of publication. The stock has a 52-week high of $25.87 and a 52-week low of $11.14.
