Ford Motor Company is restructuring its electric vehicle (EV) division, announcing the exit of Chief EV, Digital and Design Officer Doug Field next month. The changes, effective immediately, will integrate the EV operations into a global manufacturing unit under COO Kumar Galhotra, forming the Product Creation and Industrialization unit aimed at streamlining product and software delivery.
Alan Clarke has been promoted to vice president of Advanced Development Projects, overseeing the Universal Electric Vehicle (UEV) platform. Ford plans to achieve an 8% adjusted EBIT margin by 2029, refresh 80% of its North American lineup, and transition 90% of vehicles to updated electrical architectures by 2030.
Ford’s shares have risen 6.6% over the past six months, outperforming the Zacks Automotive-Domestic industry, which declined by 6.4%. Currently, Ford trades at a forward sales multiple of 0.29, significantly lower than the industry average of 3.22.
