Shares of Ford Motor Company (NYSE: F) popped 8.4% on Wednesday after the auto giant revealed its new growth strategy.
Ford will split its business in two. One will focus on expanding its production of electric vehicles (EVs), while the other will house its legacy automotive manufacturing operations.
CEO Jim Farley has set aggressive growth targets for its new EV division. He wants Ford to produce more than 2 million electric vehicles per year by 2026. That would account for roughly a third of the company's global vehicle production volume.
Source Fool.com