It is reported that Ford plans to restructure and split the electric vehicle and internal combustion engine business on a large scale.

On Wednesday, local time, Ford will announce a restructuring plan to split electric vehicles and internal combustion engines into two separate divisions to promote the rapid growth of the electric vehicle business, according to foreign media citing people familiar with the matter.

Ford's electric vehicle and internal combustion engine businesses will operate independently, but they will still be owned by Ford, similar to the way the company operates Ford's Pro commercial business, according to sources.

Ford will appoint executives in charge of the two businesses and will disclose the company's overall updated profit margin target, the source said. A source also said that Ford will eventually announce the financial results of the electric vehicle business and the internal combustion engine business respectively.

According to foreign media, candidates for senior executives in the above two major businesses may include Ford Chief Technology Officer Doug Field (Doug Field), Ford Chief Product platform and operating Officer Hau Thai-Tang, Ford North American Chief operating Officer Lisa Drake (Lisa Drake), and Ford Americas and International Market President Kumar Galhotra (Kumar Galhotra).

In fact, there were reports last week that Ford was considering a full spin-off of its electric vehicle business. At the time, Ford CEO Farley (Jim Farley) denied the news, saying the company had no plans to spin off its electric vehicle or internal combustion engine business.

However, industry insiders say Ford could pave the way for a complete spin-off of the electric vehicle business in the future by first breaking up the electric vehicle business into a separate unit.

Farley is clearly unhappy with the profitability of its electric car and internal combustion engine business. In an interview last week, he also stressed that it is still possible to cut costs in the internal combustion engine business.

"We have too many people, too much investment, too much complexity and we lack expertise in asset transformation," he said of the internal combustion engine business. "

As for the electric car business, he said Ford needed more people to improve the profit margins of its electric vehicle business, including in areas such as electronic components, advanced electronic architecture and digital customer experience.

Earlier this month, French carmaker Renault also said it was considering setting up separate divisions for its electric vehicles and internal combustion engines. The company said the electric car business was likely to be concentrated in France, while the internal combustion engine business was likely to be concentrated outside France.