Ford establishing subsidiary to invest in new mobility
DETROIT (AP) — Ford Motor Co. is establishing a Silicon Valley-based subsidiary to build and invest in new mobility options like car-sharing and ride-hailing services.
Ford Smart Mobility LLC will be chaired by former Steelcase CEO Jim Hackett. Hackett plans to name a CEO shortly.
The company will operate in Palo Alto, California, and Ford's hometown of Dearborn, Michigan.
Ford CEO Mark Fields said the company will be "separate but connected" to its parent. He said the structure was important to give the company the freedom and flexibility to move like technology companies do.
Ford says it has already conducted more than 30 global experiments over the last 14 months, including GoDrive, a car sharing program with guaranteed parking in London, and a van service in Kansas City.