Ford is setting up a separate corporation that will focus on accelerating the development of autonomous vehicle technologies.
A new Detroit-based entity, known as Ford Autonomous Vehicles LLC, has been charged with accelerating Ford’s autonomous vehicle business, taking advantage of market opportunities, and accelerating autonomous vehicle research.
Sherif Marakby, currently Ford VP, Autonomous Vehicles and Electrification, has been appointed CEO of Ford Autonomous Vehicles LLC, and Ford says they expect to invest USD $4 billion in their autonomous vehicle efforts through 2023.
“Ford has made tremendous progress across the self driving value chain – from technology development to business model innovation to user experience,” said Jim Hackett, President and CEO, Ford Motor Company. “Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead.”